Types of Economics

Under a command system, who owns the factors of production?

• Consumers

• Government

• Elders

• Businesses

If the government makes me produce 70 T-Shirts, what economic system is this?

• Mixed

• Command

• Traditional

• Market

If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Mixed

• Market

• Traditional

• Command

The price of a t-shirt is set by how much the businesses are willing to pay.

• Market

• Traditional

• Mixed

• Command

My father was a fisherman, I am a fisherman and my son will be a fisherman.

• Market

• Traditional

• Mixed

• Command

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

• Command

• Market

• Traditional

• Mixed

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

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

What is a characteristics of a market economy?

• lack of choice

• competition

• individual choice

• central ownership of property

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

• the same

• differently

In my country producers decide what and how much to make based on what people want to buy.

• Traditional

• Market

• Command

• Mixed