A. First READ the pages listed below in your economics book.
B. THEN - COPY and PASTE this to a word document. MAKE SPACE for your answers! Then complete the questions
Economic Systems of the World Homework
(read pages 24-33 in the economics book)
1. How many countries in the world today have entirely traditional economies __________________.
2. What evidence does the book give that shows the Amish have a traditional economy?
3. An economic system in which INDIVIDUALS, or capitalists, own and control the factors of production is called _____________________________. (It is what our economic system is commonly called)
4. List 5 (five) examples of advantages in the Free Market system from the reading. You can bullet point these below.
5. What is a mixed economic system?
6. What does the word market usually refer to? How do Economists use word differently?
7. a. ______________________ are people who create goods and services.
b. ______________________are people who buy goods and services
8. What is Economic Freedom?
9. What is Profit Motive?
10. Why do you think allowing people the opportunity to own private property is important?
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