Types of Economies

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The U.S. has a -

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Mixed Economy

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North Korea has a -

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Command Economy

Front

True or False: In a market economy consumers can buy whatever they want.

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True

Front

True or False: In a command economy producers have the freedom to choose what they want to make and sell.

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False

Front

Which of the following is a true statement about mixed economies?
In a mixed economy the government always tells consumers what they can buy,
In a mixed economy producers own the factors of production, which means they can always make and sell anything they want,
In a mixed economy jobs are limited to only those who have received a higher education,
In a mixed economy producers and consumers have freedom of choice, but the government sets rules to protect them

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In a mixed economy producers and consumers have freedom of choice, but the government sets rules to protect them

Front

In Whoville citizens are allowed to open up their own businesses. As the business owners, people are allowed to choose what to make and sell, and at what price. Whoville is an example of a-

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Market Economy

Front

In 1961 the U.S. government placed an embargo on Cuban imports. This means that businesses in the U.S. could not import (buy and bring in) resources from Cuba. When the U.S. created this law in 1961, they were more of a-

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Command Economy

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In 2015 President Obama made a plan to lift (end) the embargo on Cuba. Which means that he wanted U.S. producers and consumers to be free to import resources from Cuba. Obama's plan would have made the U.S. more similar to a -

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Market Economy

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In the country of Uruguay, the government allows consumers to decide which goods they want to purchase. Uruguay economy is most similar to a -

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Market Economy

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In North Korea, there is often not enough basic goods, including food. A regular worker would need to save for months just to buy a jacket. This piece of evidence tells us that North Korea has a -

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Low Standard of Living