1.2.3 Economic Systems: Free Market vs Command vs Traditional

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

If you tell me a price on something and I offer you a different price, this is an example of what kind of economy?

• Traditional - Smaller, Inflexible & relies on Bartering

• Command - Centrally planned

• Market - Free to Develop Businesses

• Mixed - Some Government Intervention

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Free-Market sided 

• Command-sided

There are four types of economic systems. Most nations have ______ economies.

• Traditional

• Command

• Market

• Mixed

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• improper desires

• supply of needs

• scarcity of wants

Economics seeks the answer to the basic question of how to deal with ______. 

• money
• hunger
• demand
• scarcity

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed