Europe Economic Systems

Front

There are four types of economic systems. Most economies are _____

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Mixed

Front

Which is NOT one of the 3 economic questions? Options: How should goods and services be produced? What goods and services should be produced? From whom should goods and services be produced?

Back

When should goods and services be produced?

Front

Agricultural economy that produces things the same way ancestors have; very little surplus is produced. Almost all of what is made is in order to meet basic needs and almost none left. Which economic system is this?

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Traditional

Front

Economy that allocates production and consumption based on a central economic plan, usually developed by the government. Which economic system is this?

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Command

Front

Economy in which decisions about economic production are driven by price signals, which are in turn created by supply and demand. While it tends to be very efficient, there is also a very unequal in distribution of resources. Which economic system is this?

Back

Market

Front

Term used to describe the market/command blending of all modern world economics. Which economic system is this?

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Mixed

Front

What is Subsistence Farming?

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producing only what is necessary for personal use/survival

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Bartering

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trading one good or service or another without money

Front

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

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Command

Front

In this type of economy, the individual decides who to sell their products to.

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Market