Types of Economies

Front

Synonyms for this type of economy include capitalism and free enterprise

Back

Market

Front

North Korea and Cuba have this type of economy

Back

Command

Front

The definition of resources is:

Back

anything that can be used to produce an economic good or service

Front

Subsistence living where people harvest their own food as farmers, fishermen, and hunters happens in this type of economy.

Back

Traditional

Front

What type of economy has the most freedom for people to make their own decisions? Options: Market, Mixed, Traditional

Back

Market

Front

A political philosophy and economic system where all the property and wealth is collectively owned by the whole society (government).

Back

Communism

Front

FILL IN THE BLANK: In a mixed economy people make most decisions but the ______________ has some control.

Back

Government

Front

The USA, Canada, and Mexico have this type of economy.

Back

Market

Front

A villager in Minecraft trades a potato to his neighbor for a carrot. What type of economy is this?

Back

Traditional

Front

The mayor of Villagetown tells every villager what they can grow and how much they can have to eat. The mayor makes all economic decisions and everything is owned by the government. What type of economy is this?

Back

Command