Comparing Economic Systems

Which is an economic system where only the government makes the economic decisions? 

• traditional economy
• free enterprise 
• mixed economy
• command economy

If the government makes a worker produce 700 T-Shirts, what economic system is this?

• Mixed
• Traditional
• Command
• Market

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

The government has little to no role in the production of goods in this type of economy.

• Traditional

• Mixed

• Command

• Market

Businesses have freedom to produce whatever they think consumers will buy

• Market

• Command

• Mixed

• Traditional

One advantage of command economy

• little technology

• planning does not match reality

• innovative

• create large national projects

  My name is Whitney Smith.  I own a toy factory.  My employees use many sharp instruments to make the toys.  A federal agency called O.S.H.A. (Occupational Health and Safety Administration) visits my factory often to make sure my employees work in a safe environment.  Which economic system am I describing?

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

In this type of economy, the principles of supply and demand explain the economic decisions made.

• Communism

• Command

• Market

• Factors of Production

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

In this country, the government sets the price for all the produce that is sold in this country. The government also tells them exactly what to pay laborers.

THIS BEST DESCRIBES WHAT ECONOMY?

• Mixed

• Market

• Command

• Laissez-Faire