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Cherry Creek High SchoolMAR 123Apex Homework Comparing Economic Systems Practice Assignment

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Practice: Comparing Economic Systems Practice Assignment Introduction to Business and Marketing (S4640769) Kyle Veyna Points possible: 40 Date: __8/30/18__________ Reflect (5 points) Answer the qu... estions about the characteristics of various economies. 1. In which type of economy are individuals least likely to determine which products they consume, and why? (1 point) In a Command economy individuals can expect to consume products the government wants them too. This is because in a Command economy the government controls everything including goods. 2. A Japanese car company produces its cars in the United States. a) How does the value of the cars produced by the Japanese company in the United States impact the United States' Gross Domestic Product (GDP), and why? (1 point) It impacts the US’s GDP because since the car company manufactures in the States then the profit goes under the GDP. Since the company is in the states and we are talking about GDP all the profits fall under the GDP b) How does the value of the cars produced by the Japanese company within the United States impact the United States' Gross National Product (GNP), and why? (1 point) It doesn’t affect them because since the Japanese country is producing inside the US it doesn’t account for the GNP. GNP is the national value and since this is a Japanese country inside the US the value isn’t accounted for. 3. In which type of economy would both private businesses and the government influence the factors of production, and why? (1 point) A mixed economy because inside a mixed economy there is room for private corporations but also room for the government to control certain things. 4. In which type of economy is a business owner most likely to benefit from free enterprise? (1 point) [Show More]

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