Economic Systems

The Nature of Business

Economic Systems

Multiple Choice

Economic systems means:

• A system which governs the government of a country

• The activity of making one's living by producing goods

• The way how a country utilize it's resources to benefits it's citizen

• One where the government has all the control over it's citizens

Multiple Choice

The following are examples of economic systems EXCEPT:

• Planned

• Free

• Mixed

• Capital

Multiple Choice

Barter existed under the Traditional economy:

• True

• False

Multiple Choice

Free market is where:

• Government is in full control

• Private organisation is in control

• Both government and private organisation is in control

Multiple Choice

Planned economy is where:

• Government is in full control

• Private organisation is in control

• Both government and private organisation is in control

Multiple Choice

Mixed economy is where:

• Government is in control

• Both government and private organisation is in control

• Private organisation is in control

Fill in the Blanks

Jamaica is what type of economic system?