ECONOMIC SYSTEMS REVIEW

Which is NOT a type of economic system?

• Traditional

• Command

• Market

• Democratic

Which type of economic system can be capable of great change in a short amount of time?

• Traditional

• Command

• Market

Which type of economic system adjusts to change and incorporates Laissez-faire?

• Traditional

• Command

• Market

Which type of economic system has set economic roles for all and is predictable?

• Traditional

• Command

• Market

What is an economic system?

• a way of governing a society

• an organized way of providing for the wants and needs of people

In which type of economic system do people and firms act in their own best interests to answer: what, how, and for whom?

• Traditional

• Command

• Market

Which country is an example of a market system?

• U.S.

• China

• Soviet Union

• Cuba

Which country is an example of a command economy?

• Canada

• U.S.

• Soviet Union

• France

In which type of economic system does a central authority make most of the "what, how, and for whom" decisions?

• Traditional

• Command

• Market

Which of these economic/social goals means people making their own economic decisions?

• Economic freedom

• Economic efficiency

• Economic equity

• Economic security