Name That Economic System!

An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past 

• Traditional 
• Mixed
• Market
• Command

Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates

• Traditional 
• Market 
• Mixed
• Command

An economy in which changes in prices guide what and how goods and services will be produced, distributed, and consumed

• Traditional 
• Market
• Command
• Mixed

An economic system in which decisions are all made on the basis of customs, beliefs, religion, and habits 

• Traditional
• Market
• Mixed
• Command

Sometimes called Free Enterprise which allows for private ownership of businesses and property

• Traditional
• Market
• Mixed 
• Command

Within this system, each member of society knows in early life what her or his role will be because jobs are handed down from generation to generation. 

• Traditional
• Command
• Market
• Mixed

The government owns the means of production

• Command
• Market
• Mixed
• Traditional

An economic system that permits an open exchange of goods and services between producers and consumers 

• Traditional
• Mixed 
• Market
• Command

The government makes major decisions regarding the production, but the people also have a say. 

• Traditional 
• Market 
• Mixed 
• Command

Bartering is used in this type of economic system. 

• Traditional
• Market 
• Mixed
• Command