Economics
CHAPTER 2
Section 1
economic systems
and decision making
Name that System!
Determine for each slide
whether the economic system
being illustrated is
Traditional
OR
Command
OR
Market
1. Actions in this
type of economy
relate to ritual,
habit and custom.
TRADITIONAL
ECONOMY
2. A strength of this
type of economy is
its ability to rapidly
change in a short
period of time
COMMAND
ECONOMY
3. A weakness of this
economy is its failure to
provide for the weak, the
sick, the old and the very
young who cannot be
productive
Market
economy
4. Name a stable,
predictable and
continuous
economic system
TRADITIONAL
ECONOMY
5. This economic system
does not meet the needs
and wants of citizens
because the central
authority makes all
decisions, rather than
the individual
COMMAND
ECONOMY
6. This economic
system
discourages
new ideas or
change
TRADITIONAL
ECONOMY
7. This economic
system provides a
high degree of
consumer
satisfaction
because individuals
make most of the
Market
economy
8. This economic
system offers a
variety of goods
and services
because new ideas
are encouraged
Market
economy
9. This economic system
lacks incentive for
individuals because a
central authority
controls the factors
of production; there is
no private property
COMMAND
ECONOMY
10. This economic
system has a
notable lack of
government
interference
Market
economy
11. Which system would Adam
Smith support?
Market
economy
12. Which system would Adam
Smith most disagree with
because of Laissez-Faire?
COMMAND
ECONOMY
13. “WE COULD SELL OUR
PRODUCTS FOR PERSONAL
PROFIT IN WHICH SYSTEM?” - Name that system!
Market
economy
14. “Our grandmothers taught us to
weave, and we have taught our
daughters.” - Name that system!
TRADITIONAL
ECONOMY
15. “We slaughter the hogs because
the government tells us to. I hate this
job. I’d rather be a carpenter.” Name that system!
COMMAND
ECONOMY
16. “We slaughter hogs better than any
of our competitors!” Name that system!
Market
economy
17. “We’ve been quilting for our
community for decades. We’re very
talented.” –
Name that system!
TRADITIONAL
ECONOMY
18. “I really hate quilting. I wish I could
go fishing instead, but girls don’t fish
in our community.” –
Name that system!
TRADITIONAL
ECONOMY
19. “We wait for the government to give us
rations of meat, but there is never
enough.” – Name that System!
COMMAND
ECONOMY
20. “People who cannot work are not
rewarded in this system.” – Name that
system!
Market
economy
21. “Goods are moving in and out
of our country every day because
of consumer demand.” – Name
that System!
Market
economy