Economic Systems and Their Characteristics

Front

What economic system has both market tendencies and government involvement?

Back

Mixed

Front

Which type of economy does North Korea have? Options: Market, Command, Traditional, Mixed

Back

Command

Front

What economic system do many Indigenous peoples such as the Mbuti and Aborigines have?

Back

Traditional

Front

In which economic system does the government or central authority answer: WHAT, HOW, and FOR WHOM to Produce? Options: Market, Command, Traditional

Back

Command

Front

What is an advantage of a traditional economy?

Back

Everyone knows what role to play

Front

The system in which private citizens own and use the factors of production in order to generate profits.

Back

Capitalism

Front

What is an advantage of a market economy?

Back

Little government interference

Front

International trade left to its natural course without tariffs, quotas, or other restrictions.

Back

Free Trade

Front

Tax or duty to be paid on particular imported goods.

Back

Tariffs

Front

The transfer of a major branch of industry or commerce from private to state ownership or control.

Back

Nationalization