Bell Work: Economic Systems

In a free-market economy,

• people are free to produce whatever they wish and to buy whatever they can afford.

• the government controls every aspect of the economy.

• the government owns large businesses, but private ownership of small businesses is encouraged.

• there is a mix between different types of economies.

Economic decisions are decided entirely by the government in which economic system?

• Socialism

• Centrally-planned

• Mixed

• Free-market

Which of the following is true of traditional economies?

• economic decisions are determined by the government.

• People have access to private property.

• the production of goods is based on custom.

• they resemble a communist economic system.

Which of the following is an example of a socialist economy?

• Sweden

• Mexico

• USA

• Soviet Union

Which of the following is an example of a command economic system?

• China

• North Korea

• New Zealand

• France