4 Types of Economic Systems

Front

In a command economy, decisions about what, how, and for whom to produce are determined by

Back

the government

Front

How many types of economies are there?

Back

4

Front

Most countries in the world, including the US, use what economic system?

Back

Mixed

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market

Back

Traditional, Command, Mixed, & Market

Front

What are the characteristics of a traditional economic system?

Back

built upon traditions, customs, and beliefs

Front

What type of economy does North Korea have, where a dictator makes all of the economic decisions? Options: Traditional, Market, Command, Centrally Planned

Back

Command

Front

How would a free market economy be described? Options: An economy in which decisions are made by the government., The international exchange of goods., An economy based on supply and demand with little or no government control, An economy that is communist

Back

An economy based on supply and demand with little or no government control

Front

This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.

Back

Competition

Front

The amount of goods or services available is called?

Back

supply

Front

How much people want something is called

Back

demand