Economic Systems

What are the three basic questions that every economic system must answer?

• Where the resources are, who prints the money, and where the market is

• What's produced, how to ship it, & who consumes it

• Why goods are produced, where to sell them & what the cost is

• What's produced, how it's produced & who consumes it

What are the three economic systems?

• parliamentary, democratic, and socratic

• Traditional, Command, Market

• Communist, capitalist, and socialist

• Bartering, Entrepreneur, Mixed

The former Soviet Union was an example of what kind of economic system?

• Traditional

• Market

• Command

• Mixed

Which economic system allows for the most individual freedom?

• Traditional

• Command

• Market

• Mixed

In which economic system does the government have the most control?

• Traditional

• Command

• Market

• Mixed

In which economic system do individuals do things based on customs & beliefs?

• Traditional

• Command

• Market

• Mixed

What is the economic system of most communist countries?

• Traditional

• Command

• Market

• Mixed

How do traditional economies exchange goods?

• Amazon Prime

• Open Air Markets

• The Mall

• Bartering

Which country is closest to a true market economy?

• United States

• England

• Australia

• Nigeria

Most democratic countries have which type of economic system?

• Traditional

• Command

• Market

• Mixed