The decision-making process involves interaction among many aspects of a nation's culture, such as its laws, form of government, ethics, religions, and customs. Each economic system can be classified into one of three basic types: (1) traditional, (2) command, or (3) market. 1. Study Questions and Problems #1 A central planning agency called the Gosplan set production quotas and prices for the entire economy. For example, the Gosplan decided what wages a dairy farmer should earn, how much land can be used to grow hay, and what the cows should be fed. What type of economy best corresponds to this culture? The market economy The command economy O The traditional economy Capitalism Socialism Communism O O In the following table, indicate which economic system best matches each description. Description An economic system characterized by private ownership of resources and market-based delivery of goods and services An economic system characterized by government ownership of resources and centralized decision making A stateless, classless economic system in which all the factors of production are owned by the workers, and people share in production according to their needs O O O O о
The decision-making process involves interaction among many aspects of a nation's culture, such as its laws, form of government, ethics, religions, and customs. Each economic system can be classified into one of three basic types: (1) traditional, (2) command, or (3) market. 1. Study Questions and Problems #1 A central planning agency called the Gosplan set production quotas and prices for the entire economy. For example, the Gosplan decided what wages a dairy farmer should earn, how much land can be used to grow hay, and what the cows should be fed. What type of economy best corresponds to this culture? The market economy The command economy O The traditional economy Capitalism Socialism Communism O O In the following table, indicate which economic system best matches each description. Description An economic system characterized by private ownership of resources and market-based delivery of goods and services An economic system characterized by government ownership of resources and centralized decision making A stateless, classless economic system in which all the factors of production are owned by the workers, and people share in production according to their needs O O O O о
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:The decision-making process involves interaction among many aspects of a nation's culture, such as its laws, form of government,
ethics, religions, and customs. Each economic system can be classified into one of three basic types: (1) traditional, (2) command, or
(3) market.
1. Study Questions and Problems #1
A central planning agency called the Gosplan set production quotas and prices for the entire economy. For example, the Gosplan decided what wages a
dairy farmer should earn, how much land can be used to grow hay, and what the cows should be fed. What type of economy best corresponds to this
culture?
The market economy
The command economy
O The traditional economy
Capitalism Socialism
Communism
O
O
In the following table, indicate which economic system best matches each description.
Description
An economic system characterized by private ownership of resources and market-based delivery of
goods and services
An economic system characterized by government ownership of resources and centralized decision
making
A stateless, classless economic system in which all the factors of production are owned by the
workers, and people share in production according to their needs
O
O
O
O
о
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education