Economic Systems

Front

In which economic system does the government have all the power? Options: Traditional Economy, Market Economy, Command Economy, Mixed Economy

Back

Command Economy

Front

Which economic system is associated with the least government involvement?

Back

Market Economy

Front

This system is associated with some government-run and some privately-owned businesses.

Back

Mixed Economy

Front

This system is associated with barter trade and earlier times (before money existed).

Back

Traditional Economy

Front

This system is associated with the ideas of Adam Smith and capitalism.

Back

Market Economy

Front

This system is associated with the ideas of Karl Marx and communism.

Back

Command Economy

Front

The United States is now categorized as this economic system.

Back

Mixed Economy

Front

This system only can exist in small, more isolated societies today.

Back

Traditional Economy

Front

North Korea has this system, characterized as having little or no market competition.

Back

Command Economy

Front

What did Adam Smith believe about economic systems?

Back

Economies work best when there is no government involvement