Summarize the main characteristics of various economic systems (e.g. capitalism, socialism, communism; market, mixed, command and traditional economies).
Explain how competition for resources affects the economic relationship among nations (e.g. colonialism, imperialism, globalization and interdependence).
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Q 1/4
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How does raising the price of crude oil in global markets affect national economies?
60
National economies must either increase or stabilize prices for oil products through available means.
National economies must decrease or eliminate government expenditures on essential goods and services.
National economies must increase funding for alternative fuels.
National economies must decrease spending on oil-based products.
Q 2/4
Score 0
Command Economy': The state owns collective farms and all types of industry.
Government officials make all major economic decisions.
'Market Economy': Farms and industry are privately owned and operated.
Producers and consumers make most economic decisions.
'Traditional Economy': Subsistence agriculture is practiced on small family farms.
Economic decisions are based on custom and habit.
What can be concluded from the information?
60
Making a profit is very important in traditional economies.
Central government is weakest in command economies.
Economic freedom is most practiced in market economies.
Global competition is important in all three economies.
4 questions
Q.
How does raising the price of crude oil in global markets affect national economies?
1
60 sec
7.E.1.2
Q.
Command Economy': The state owns collective farms and all types of industry.
Government officials make all major economic decisions.
'Market Economy': Farms and industry are privately owned and operated.
Producers and consumers make most economic decisions.
'Traditional Economy': Subsistence agriculture is practiced on small family farms.
Economic decisions are based on custom and habit.
What can be concluded from the information?
2
60 sec
7.E.1.3
Q.
Paying bills when they become due helps to improve a person's credit score. How does having a good credit score affect the quality of life for consumers?
3
60 sec
7.E.1.4
Q.
Mercantilism was an economic theory and practice used by Europeans in the seventeenth and eighteenth centuries to increase the wealth of a nation or empire. This was done by acquiring gold and silver and maintaining a favorable balance of trade, in which a country exported more than it imported.
How did mercantilism encourage European countries to colonize both the Americas and Africa?
