Economic Systems

The Amish and some African tribes are considered a

• traditional economy
• mixed economy
• free market economy
• centrally controlled economy

Households, firms, self interest, incentive and competition are all associated with

• traditional economy
• mixed economy
• free market economy
• command economy

All of the following are factors of production EXCEPT

• land
• labor
• agriculture
• capital

In a free market economy, who owns the factors of production?

• The government
• The President
• Individuals
• religious groups

Which system is based on agriculture, hunting, and religion?

• traditional economy
• mixed economy
• free market economy
• centrally controlled economy

What happens when a traditional economy faces a natural disaster?

• they depend on the govt
• they use their emergency fund
• they have no safety net 
• they are forced to join mainstream society

The United States is considered to be which type of economy?

• traditional
• mixed 
• free market
• command

Communist, authoritarian governments, such as North Korea and Cuba, typically have which type of economy?

• traditional 
• free market
• mixed
• centrally controlled

Who controls the factors of production in a centrally controlled economy?

• the people
• the government
• the citizens
• outside forces

The major difference between socialism and communism is

• communism is much less restrictive
• socialist decisions are decided through democratic means
• the United States is socialist and Russia is communist
• There is no major difference