Types of Government and Economic Systems Practice

Front

ECONOMY

Back

Organized way in which society provides for the wants and needs of its people

Front

In a ___________ economic system, customs and traditions determine what and how to produce.

Back

traditional

Front

In a _____________ economic system, the government owns resources and controls production, prices, and wages.

Back

Command

Front

What is a free market economy?

Back

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

Front

In a ________ economy, the government makes all of the major economic decisions.

Back

Command

Front

In my country, central planners decide when we should expand old factories and build new ones.

Back

Command

Front

In my country my job is the same one that my family has done over the past 200 years.

Back

Traditional

Front

In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.

Back

Command

Front

In my country, the government has some involvement in the economy.

Back

Mixed

Front

In my country, the government makes all the economic decisions.

Back

Command