Economic Systems

In which economic system does the government have all the power? 

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

This system is associated with the least government involvement.

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

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

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

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

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

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

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

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

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

The United States is now categorized as this economic system.

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

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

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

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

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

What did Adam Smith believe about economic systems? 

• Karl Marx was right about societies 
• Command Economy is the best
• All societies should return to using traditional economies
• Economies work best when there is no government involvement