Economic Systems

The four types of economic systems are: Traditional, Command, Mixed, & Market, Traditional, Command, Combined, & Market, Communism, Capitalism, Free Market, and Macroeconomics, Microeconomics, Macroeconomics, Individual, and Traditional.

Which economic system involves both government and people in deciding how to use scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Which economic system makes decisions based on social roles & culture?
Options: Market economy, Command economy, Traditional economy, Mixed economy

What is an economic system where only the government makes the economic decisions? Options: traditional economy, free enterprise, mixed economy, command economy

What type of economy do most countries in the world have? Options: Market economy, Command economy, Traditional economy, Mixed economy

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

What are the 3 economic questions?

Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?

A person who comes up with a product or service, and finds the money and time to produce this new product.

In a command economy, who holds power over the economy?