Types of Economies in Europe

Front

In this economic system, the government decides what to produce, how to produce, and for whom to produce.

Back

Command economy

Front

This economic system relies on customs, habits, and beliefs from past generations.

Back

Traditional economy

Front

In this economic system there is no government and individuals and businesses make all the economic decisions.

Back

Market economy

Front

Most countries in the world today have this type of economic system

Back

Mixed economy

Front

An economic system where a large majority of the people rely on hunting, fishing, and agriculture and make just enough to survive.

Back

Traditional economy

Front

An economic system that allows for individuals and businesses to make economic decisions as long as they follow government laws and regulations.

Back

Mixed economy

Front

An economic system where government planners make major decisions regarding the production and distribution of goods and services.

Back

Command economy

Front

In this economic system, the economic decisions are in the hands of the people, the law of supply and demand determine what goods and services are produced and at what price they are offered.

Back

Market economy

Front

On the economic continuum, which mixed economy country is closer to Market with 79% free market? Options: Russia, United Kingdom, Germany

Back

United Kingdom

Front

On the economic continuum, which mixed economy country is closer to Command with only 59% free market? Options: Russia, United Kingdom, Germany

Back

Russia