Economic Systems

A type of economy where products, prices, and services are determined by the people, not the government is called the ________ system.

• Traditional

• Command

• Market

• Mixed

Things you would like to have, but are not required to survive are called ____.

• Services

• Wants

• Needs

• Goods

What is the study of the way we use goods and money?

• Geography

• History

• Economics

• Culture

Someone who buys or pays for a good or service

• Producer

• User

• Consumer

• Marker

What type of economy does the United States have?

• Deomocratic

• Traditional

• True Capitalist

• Mixed

In what type of economic system does the government make ALL decisions regarding the production of goods, who produces them, and who will consume them?

• Command Economy

• Mixed Economy

• Traditional Economy

• Capitalist Economy

North Korea's 4 wireless companies are owned by the North Koran government. This is an example of the _____ economic system.

• Mixed

• Command

• Traditional

• Market

Which of the following correctly describes a traditional economy?

• Buyers and sellers decide what to produce.

• The U.S. is an example of a traditional economic System.

• Basic economic questions are answered based on ritual, habit, or custom.

• The government decides what good and services are produced and how to produce them.

A combination of market and command economy is called a ________.

• Mixed Economy

• Traditional Economy

• Market Economy

• Command Economy

Which term means the limited supply of something?

• Barter

• Trade

• Scarcity

• Free Enterprise