Economic Systems

_______ is another word for Market Economy. 

• Capitalism 
• Communism

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

In a market economy, if your mom dad are both teachers, do you have to be a teacher?

• NO
• Yes
• Maybe

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

• Mixed

• Market

• Command

This system is associated with the ideas of Adam Smith and capitalism.

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

This system is associated with the ideas of Karl Marx and communism.

• Traditional Economy
• Market Economy
• Command Economy
• Mixed Economy

Which of the three economic systems has the most government involvement ? 

• Market economy
• Mixed economy
• Command economy
• Traditional economy

In a command economy, who determines the prices of goods and services?

• market forces of supply and demand

• the central government

• independent agencies and regulators

• business owners

Who is primarily responsible for making economic decisions in a market economy?

• the central government

• big business

• market regulators

• individuals

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?