Economic Understandings



Economic Understandings

Name: Date: Period:

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|What are the three economic questions? |1. |

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| |2. |

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| |3. |

|Traditional Economy | |

| |What are its characteristics? (complete sentences) |

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| |What are problems faced in a traditional economy? |

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| |How is your job determined? |

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| |Examples in Latin America: |

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|Command Economy | |

| |What are its characteristics? (complete sentences) |

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| |What are problems faced in a command economy? |

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| |How is your job determined in a command system? |

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| |Examples in Latin America: |

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|Market Economy | |

| |What are its characteristics? (complete sentences) |

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| |What are problems faced in a market economy? |

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| |How is price determined in this economic system? |

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| |How is your job determined in a market economy? |

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| |Examples in Latin America: |

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|Mixed Economy | |

| |What are its characteristics? (complete sentences) |

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| |What are problems faced in a mixed economy? |

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| |How is your job determined in a mixed economy? |

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| |Examples in Latin America: |

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Place on the continuum the following countries: Cuba, Venezuela, Brazil, & Canada

Command Economy Market Economy

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