Characteristics of Economic Systems

Front

Based on individual choice and voluntary trade

Back

Market

Front

Encourages competition between businesses

Back

Market

Front

Customs have been passed down through generations

Back

Traditional

Front

Government leaders answer the three basic economic questions.

Back

Command

Front

Bartering (Trading) for goods replaces the need for currency (money)

Back

Traditional

Front

Businesses are privately owned by the people. What type of economy does this describe?

Back

Market

Front

Social roles and customs determine how goods are made, sold, and bought. What type of economy does this describe? Options: Command, Market, Traditional, Democracy

Back

Traditional

Front

Examples: Mexico, United Kingdom, Canada

Back

Market

Front

Type of economy in communist countries

Back

Command

Front

Examples: Cuba, North Korea, and the former Soviet Union

Back

Command