4 Types of Economies

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

• the same
• differently

What is one basic question of economics?

• What will be produced?
• Who acquires what goods and services?
• What resources are available?
• What is the opportunity cost?

What is a characteristics of a market economy?

• lack of choice
• individual choice
• competition
• central ownership of property

Which type of economy has central ownership and lack of individual choice?

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

Which type of economic system bases its decisions on custom?

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

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

Which type of economy is based on traditions and beliefs?

• Command
• Market
• Traditional
• Mixed

This economy would most likely have a dictator.

• Mixed
• Capitalism
• Socialism
• Communism

Which type of economy involves trading, and doesn't usually use money?

• Command
• Traditional
• Market
• Mixed