Types of Economies

Front

What is the key factor in determining the type of economy a country has? Options: Amount of products supplied, How much money the country is generating, the availability of resources and demand, How much the government is involved

Back

How much the government is involved

Front

What is one basic question of economics?

Back

What will be produced?

Front

Each type of economies answers the three basic questions of economics __________.

Back

differently

Front

What are some characteristics of a free market economy? Options: lack of choice, competition, individual choice, centrally-planned, private ownership, consumer sovereignty, Based of custom, historical precedent

Back

private ownership, consumer sovereignty

Front

Which type of economy has private property, consumer sovereignty, individual choice, profit, and minimal government involvement?

Back

free market economy

Front

What type of economy has two sectors (private and public)?

Back

Mixed Economy

Front

Name two characteristics of a command economy.

Back

central ownership of property, lack of consumer choice

Front

Which type of economy has central ownership of property, centrally-planned economy, and lack of individual choice?

Back

Command Economy

Front

Which type of economic system bases its decisions on custom and historical precedent? Options: Free Market Economy, Mixed Economy, Command Economy, Traditional Economy

Back

Traditional Economy

Front

What type of economy do we have in the United States?

Back

Mixed