Economics Chapter 2

Economics Chapter 2

by Melissa Oatman

​Traditional Systems

​Things are done the way they have always

been done.

​If your father was a fisherman,

you became a fisherman too.

​Command Systems

​The individual has little or no influence over how

the basic economic questions are answered.

​Market Systems

​The opposite of a pure command economy. Economic decisions are made by individuals looking out for their own family's best interests.

​

​The advantages are that people have the freedom to choose.

Multiple Choice

What type of economic system does China have?

• Traditional

• Command

• Market

• Mixed

Multiple Choice

What type of system do Nomadic herders in the Andes have?

• Command

• Traditional

• Market

• Mixed

Multiple Choice

A market system is also called

• communism

• capitalism

• socialism

• marxism

Multiple Choice

The United States has which type of economic system.

• command

• market

• mixed

• traditional