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Section 1
Economic System Traditional Economy Command Economy Market Economy
Section 2
Socialism Communism
Section 3
Private Property Rights Capitalism Competition Consumer Sovereignty Voluntary Exchange Laissez Faire
Section 4
Mixed Economy Global Economy Nationalize Privatize
Mr. Johnson
10/6/13
page 1
jjohnson@jpsonline.org
http://mr-johnson.us
5. Who controls the resources in each type of economy? 1. Traditional: 2. Command: 3. Market:
6. What is the role of government in each type of economy? 1. Traditional: 2. Command: 3. Market:
2. Why has extreme government control of the economy been used in attempts to create a Communist society in places like Russia, China, and North Korea?
3. Why do so-called Communist countries use authoritarian methods to maintain their economic and political systems? [Authoritarian = dictatorship; the government has all authority]
4. Compare the successes and failures of Communism in North Korea and China
Mr. Johnson
10/6/13
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jjohnson@jpsonline.org
http://mr-johnson.us
6. ________________. What does it mean? ____________________________________ 2. Draw and label the Circular Flow for market economic systems.
Mr. Johnson
10/6/13
page 3
jjohnson@jpsonline.org
http://mr-johnson.us
3. In your opinion, are there some goods and services that should be publicly owned? Why or why not? [Be sure to give SPECIFIC examples]
6. Based on Figure 2.6 on page 62, what can you infer about the areas of the world where these products are manufactured?
Mr. Johnson
10/6/13
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