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4 Types of Economic Systems

4 Types of Economic Systems

Assessment

Flashcard

Social Studies

9th - 12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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21 questions

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1.

FLASHCARD QUESTION

Front

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

Back

the government

2.

FLASHCARD QUESTION

Front

How many types of economies are there?

Back

4

3.

FLASHCARD QUESTION

Front

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

Media Image

Back

Mixed

4.

FLASHCARD QUESTION

Front

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

Back

Traditional, Command, Mixed, & Market

5.

FLASHCARD QUESTION

Front

What are the characteristics of a traditional economic system?

Back

built upon traditions, customs, and beliefs

6.

FLASHCARD QUESTION

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

7.

FLASHCARD QUESTION

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

Media Image

Back

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

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