Economic Systems

1. What is an economic system? Free Market Economic System 2. Give similar words for free market economy 3. What do you mean by free market economy? 4. Give 8 main features of market economy 5. What is the influence of market economy towards consumer sovereignty? 6. What is the relationship between market economy and wealth? 7. How and Why does the government intervene in a market economic system? 8. Give 10 advantages of market economy 9. Give 6 disadvantages of market economy Centrally Planned Economic System 10.Give similar names for centrally planned economic system 11.What do you mean by a centrally planned economy? 12.What are the 10 main features of a planned economy? 13.What is CPC? And what does it do? 14.What is the role of price and profit in a planned economy? 15.Give 5 advantages of planned economy 16.Give 6 disadvantages of planned economy Transitional Economies 17.What do you mean by transitional economy? 18.Give 8 features that you can observe during a period of transition Mixed Economic System 19.What do you mean by a mixed economic system? 20.What are the 2 types of classifications of mixed economic systems? 21.Explain the following a. I, II, III World countries

b. Developing and developed countries The basic economic problems are what and how much to produce, How to produce an dfor whom to produce. 22.Explain how the free market economic system will approach the basic economic problems. 23.How will a planned economy approach the basic economic problems? 24.How will a mixed economic system try to solve the basic economic problems?