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Mixed Economy Checkpoint

Name_________________________________________________________ Block____________________

Graded Questions:

For each example below, identify whether it is a Free Market, Command, Mixed, or Traditional Economy.

M – Mixed Economy FM – Free Market Economy C – Command Economy T - Traditional

1. __________ 100% Private ownership of property and resources.

2. __________ The government makes decisions in the public sector and individuals make decisions in the private sector.

3. __________ Competition is prevalent, resulting in many market choices.

4. __________ 100% Central ownership of property and resources.

5. __________ People often have the same type of work as their parents and grandparents.

6. In a mixed economy, the role of the government is less than in a __________ economy.

a. Free market

b. Mixed market, leaning free

c. Command market

d. Individually owned market

7. What is the most common economic system used by countries around the world today?

a. Command Economy

b. Mixed Economy

c. Free Economy

d. Traditional Economy

8. In country XYZ, the government owns and makes decisions about all the airports and the military while individuals and businesses own and make decisions about technology and fast food. What type of economy is country XYZ using?

a. Traditional Economy

b. Command Economy

c. Free Economy

d. Mixed Economy

9. Most countries around the world choose to use a mixed economic system. This is because ___________ (all, some, no) country relies only on markets to deal with scarcity of essential goods and services.

10. Goods and services provided by the government are in the _______________ (public/private) sector.

11. Goods provided by individuals and businesses are in the ______________(public/private) sector.

12. In the US, MOST economic decisions about production are made in the _________(public or private) sector.

Not graded section:

|Word Bank for Questions 1-4 (Not all words will be used): |

|Public Supply Consumption Private Demand Production |

13. ____________________ Amount people want to sell

14. ____________________ Amount people want to buy

15. ____________________ Making a good or service

16. ____________________ Using a good or service

Use for Questions One through Five:

Maggie had an idea for starting a bread store. In her bread store Maggie makes different kinds of bread. Her best-selling bread is cheesy, raisin bread. To make the bread she uses wheat, cheese, raisins, and water as ingredients. She then places the mixed ingredients into her oven to bake.

17. By making the bread, is Maggie is a producer or consumer? _____________________________

18. What is the entrepreneurial resource? _____________________________

19. What is a natural resource used to make the bread? _____________________________

20. What is a capital resource used to make the bread? _____________________________

21. What is the human resource used to make the bread? _____________________________

22. What is an incentive Maggie can offer to her customers to increase demand for cheesy raisin bread?

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23. Maggie needs your help pricing her new bread. Based on the chart above, what should be the price of Maggie’s new bread? ____________________

Think about it…

Your friend has a videogame that you want. You have a videogame that your friend wants. You both trade toys. Why trade?

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If cell phones no longer existed, how would your life change?

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Score:

12

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