Standard #3: 4 Types of Economies and the Economic Continuum

Front

Economic system where government controls everything.

Back

Command

Front

Type of Economy that is half command and half market

Back

Mixed

Front

Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?

Back

Command Economy

Front

Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?

Back

Traditional Economy

Front

Trading something for something else - no currency involved

Back

barter

Front

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

Back

Market Economy

Front

Both businesses, consumers and the government influence how resources are used to make goods and services.

Back

Mixed Economy

Front

Most countries in the world have a ___________________ economy.

Back

Mixed

Front

Which economy is not on the economic continuum? Options: Mixed, Traditional, Command, Market

Back

Traditional

Front

What type of economy is represented by Sam learning how to make clay bricks like his father and grandfather? Options: Free Market, Traditional, Mixed, Command

Back

Traditional