Economics Chapter 2 & 3

Front

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

Back

Traditional, Command, Mixed, & Market

Front

A command economy is when the government is in control. True or False?

Back

True

Front

Which of the following is an economic system in which economic decisions are made according to social roles, culture, customs, & habits? Market economy, Command economy, Traditional economy, Mixed economy

Back

Traditional economy

Front

In which type of society would we most likely find a traditional economic system? Options: a major city, an established country, rural and under-developed territory, all of the above

Back

rural and under-developed territory

Front

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

Back

Mixed

Front

This type of government typically goes with the Command Economy.

Back

Communism

Front

The government has little to no role in the production of goods in this type of economy and is directed by "invisible hand".

Back

Free Market

Front

In this type of economy, the government places control on businesses, but the individual decides what to make.

Back

Mixed

Front

This economic system discourages new ways of doing things

Back

Traditional

Front

People cast “dollar votes” in this economic system.

Back

Market