3.5.1 - What is an Economic System?
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Practice Questions
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What is an economic system?
💡 Hint: Think about the basic functions of an economy.
Name one type of economic system.
💡 Hint: Recall the definitions we discussed earlier.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What defines a capitalist economy?
💡 Hint: Consider who decides on production in this system.
True or False: In socialism, the government aims for equitable distribution of resources.
💡 Hint: Recall what 'equitable' means in this context.
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Challenge Problems
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Consider a country that has recently shifted from socialism to capitalism. What might be some challenges they face in adjusting to market-driven principles?
💡 Hint: Think about economic disparities and governance.
Evaluate the impacts of globalization on a developing nation that is primarily capitalist. How can this affect local economies?
💡 Hint: Reflect on the local vs. global market dynamics.
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