Four Economic Systems

Front

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce? Options: Market, Mixed, Command, Traditional

Back

Command

Front

What type of economic system is based on customs and beliefs?

Back

Traditional

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market, Traditional, Command, Combined, & Market, Communism, Capitalism, Free Market, and Macroeconomics, Microeconomics, Macroeconomics, Individual, and Traditional.

Back

Traditional, Command, Mixed, & Market

Front

In the economy of the Bushmen of the Kalahari Desert, the people follow the examples of their ancestors. This is what kind of economy? Options: Traditional, Market, Command, Centrally planned

Back

Traditional

Front

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

What is the most basic or fundamental economic problem?

Back

Scarcity

Front

What type of economy do most countries in the world have? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

If you tell me a price on something and I offer you a different price, this is an example of what kind of economy? Options: Traditional, Command, Market, Mixed

Back

Traditional

Front

Most economies are _____.

Back

Mixed