Economic Systems #2

A _____________ economy is completely determined and controlled by a central planning authority or the government

• Traditional

• Planned/Command

• Mixed

• Free Market

A ______________ economy is guided primarily by custom, habit, and ritual.

• Traditional

• Planned/command

• Mixed

• Free Market

Moana's village would be an example of a ___________ economy.

• Traditional

• Planned/command

• Mixed

• Free-market

A _____________ economy is driven entirely by voluntary exchange in markets

• Traditional

• Planned/Command

• Mixed

• Free Market

A _________ economy is a market-based system in which the government is involved to some extent.

• Traditional

• Planned/command

• Mixed

• Free Market

An example of a public good provided by the government would be:

• Cars

• Interstate highway

• Phones

• Internet

Cars, phones, and the internet would be examples of _______ goods.

• Private

• Public

_______________ would be an example of a modern mixed economy. (select all that apply!)

• Germany

• The United States

• North Korea

• Brazil

A 100% free market without government involvement doesn't really exist in the modern world.

• True

• False

The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.

• True

• False