European Economic Systems

In this economic system, people do things the way they have always been done.

• Market Economy
• Command Economy
• Traditional Economy

In some nations, the government controls the economy.  It tells people what to make and sell.

• Market Economy
• Command Economy
• Traditional Economy

Communist countries usually have which economic system?

• Command
• Market
• Traditional
• Mixed

How are goods and services exchanged in a traditional economy?

• through prices and wages
• through government regulation
• through bartering
• through shortages and surpluses

The most common type of economy in which there are elements of command and market. Typically countries are closer towards one or the other, but still have traits of both.

• Mixed
• Market
• Command
• Traditional

A type of economy in which citizens have complete control over the goods and services produced.

• Market
• Mixed
• Command
• Traditional

Democracies like Russia, UK and Germany have what type of economic systems?

• Market
• Mixed
• Traditional
• command

Which of the following is NOT one of the main questions that all economic systems must answer?

• what to produce
• how to produce
• how many to produce
• for whom to produce

Which of the following is found in a market economy?

• traditions of ancestors
• competition between businesses 
• government control of industry
• government control of agriculture

Who answers what to produce in the United Kingdom?

• coal

• people

• Individuals and corporations

• steel