Chapter 2

Question 1

Traditional Economy

Answer 1

Economy based on culture , habit or custom.

Question 2

Stagnation

Answer 2

The state of not flowing or not moving

Question 3

Economic system

Answer 3

Organized way a society provides for the wants and needs of its people

Question 4

Command economy

Answer 4

Central authority makes the majority decision headed by a king or dictator.

Question 5

Socialism

Answer 5

Economic and political system in which the government own some but not all of the factor of production.

Question 6

Capitalism

Answer 6

An economic system where private citizens won and use the factors of production for their gain.

Question 7

Mix economy

Answer 7

A blend of all economies in all perspective and ways

Question 8

Traditional Economy advantages

Answer 8

Everyone knows what are there selling and buying and producing.

Question 9

2 Traditional economy disadvantages

Answer 9

Discourage new ideas and new things,

created a lack of progress

Question 10

2Command economy advantages

Answer 10

It can change directional drastically, allow people to receive some services . Like health care

Question 11

4 command economy disadvantages.

Answer 11

Leaders provide for themselves at the expense , loss freedom of the individual, low quality of goods ,
Tax rates are high.