Economic Systems

Limited supply of something is known as

• command economy

• scarcity

• traditional economy

• mixed economy

Which is NOT one of the economic questions asked by people who study the economy?

• When

• What

• How

• Who

Customs and habits of the past are used to decide what goods will be produced.

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

Government planning groups make basic economic decisions.

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

Decisions made solely by buyers and sellers.

• Traditional economy

• Market Economy

• Mixed Economy

• Command Economy

Characteristics of both a command and market economies.

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Person free to start business and own property if they have capital (Money).

• Command Economy

• Mixed Economy

• Capitalism

• Traditional Economy

Farming, hunting and gathering is an example of a

• Traditional Economy

• Mixed Economy

• Market Economy

• Command Economy

Government owns businesses and farms is an example of a

• Mixed Economy

• Traditional Economy

• Command economy

• Market Economy

According to the continuum, which country has the freest economy?

• United States

• Australia

• Cuba

• Germany