Economy types

Front

How many types of economies are there?

Back

4

Front

What type of economy is characterized by a government making all decisions for the economy, where new ideas are looked down on, and where parents work in large industrial factories?

Back

Command

Front

What is a disadvantage of a Command Economy?

Back

It discourages Innovation.

Front

In a Market economy, who chooses who receives the goods/services?

Back

The Consumers

Front

What rule is part of a Market Economy?

Back

Supply and Demand

Front

True or False? In a Mixed economy culture decides how products are made.

Back

False

Front

What type of economy is described in the scenario where George lives in a small rural village in Kenya, where his father hunts like their ancestors, men work in the fields, women take care of homes, and they barter extra crops or meat?

Back

Traditional

Front

What kind of economy is described where consumers make decisions, and businesses compete by adjusting prices based on costs, such as the price of flour affecting baked goods?

Back

Market

Front

True or false? In a Mixed economy, the most efficient producers get rewarded with the highest profits.

Back

True

Front

What is an advantage of a Market economy?

Back

It rewards innovation.