Economics in Europe

Front

Decisions about what, how, and for whom to produce are determined by cultural traditions. (traditional economy, market economy, or command economy)

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traditional economy

Front

Decisions about what, how, and for whom to produce are determined by the government. (traditional economy, market economy, or command economy)

Back

command economy

Front

Decisions about what, how, and for whom to produce are determined by supply and demand. (traditional economy, market economy, or command economy)

Back

market economy

Front

Most countries have mixed economies rather than being purely market or purely command.

Back

True

Front

A command economy is when the government owns the land, factories, and businesses of the country.

Back

True

Front

A market economy is when the government allows supply and demand to control market prices.

Back

True

Front

A market economy is when the government strictly controls the price of certain goods.

Back

False

Front

An entrepreneur is a person who takes risks to start a business.

Back

True

Front

The United Kingdom has a mixed economy that is very close to a pure market economy.

Back

True

Front

Germany's mixed economy has many market elements, and its citizens and private companies have a high level of economic freedom.

Back

True