Flashcards

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Molwal2015 Inglês 4 flashcards

Flashcards do conjunto (4)

1Name the advantages and disadvantages of a traditional economy.Pro: everybody knows their roles, everything gets done, (very basic)
Con: discourage new ideas (insult to ancestors)
Examples: Native Americans and Amish
2Name the advantages and disadvantages of a command economy.Pro: health and public services are provided to everyone for little or not cost, can change direction very quickly
Con: limit private property rights, ignore basic wants and needs, fill quotas rather than make a good product, can't deal with minor problems
3Name the advantages and disadvantages of a market economy.Pro:individual freedom, adjusts gradually over time, small degree of government interference, encourage hard work, competition
Con: doesn't provide for everyone, (some people need assistance and can't make it on their own), unfair competition, and little to no laws to protect workers and consumers
4Name the advantages and the disadvantages of a mixed economy.pro: provides support for those who otherwise would be left out, voting/electing, state regulations for the better (environmental regulation, intellectual property laws)
Con: cost for benefits, limited services.The disadvantage of mixed economies is that they do not always achieve what they aim to, with either too many regulations hampering business, or too few leading to a failure to protect those most disadvantaged.