THE AMERICAN ECONOMIC SYSTEM - MR. ROUTH'S SOCIAL …



THE AMERICAN ECONOMIC SYSTEMAnswer the Following Questions p.716-719, 724Explain each of the following types of economic systems.Traditional EconomyCommand EconomyMarket EconomyMixed EconomyThe US is considered a mixed-market economy. Why?Answer the Following (p.531,622)ADAM SMITHWho developed the principles of a market economy?What was the Wealth of Nations (1776)?What was Laissez-Faire economics?What was the Invisible Hand?6 Characteristics of the US Economy. Define & Give ExampleLittle Government InvolvementFreedom of EnterpriseFreedom of ChoicePrivate PropertyProfit IncentiveCompetitionEconomic SystemsSocieties can answer the four basic economic questions by using certain economic systems. Below is a scale in which the 4 economic systems have been placed. Indicate where on the scale you would place each of the following economies. (Your answer can be “2 1/2,” for example if you think that an economy is mixed but leaning toward pure command.) 1 2 3 4548640086360004000500863600024003008636000914400863600007874000 Traditional Command Mixed Market________ 1. The kind of economic system advocated by Adam Smith.________ 2. The European economy during the Middle Ages.________ 3. The American economy, in which the trend is away from government regulation.________ 4. The Canadian economy, which has “Crown corporations” run by the government and other corporation run by private individuals.________ 5. The British economy, which allows free enterprise, but in which the government pays most health and retirement costs.________ 6. An economy in which individuals own all the factors of production and decide for themselves the answers to the four basic economic questions.________ 7. The former Soviet Union’s economy, in which the government determines most, though not all, of the answers to the basic economic questions.________ 8. The economy of the Busmen of the Kalahari Desert, in which people follow the examples of their ancestors.________ 9. An economy with a strong ruler who often relies on religious leaders to decide economic policies.________ 10. An economy with a strong ruler who allows people to work at whatever job they wish, but requires each person to set aside two weeks every year to work on certain projects. ................
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