Economic Systems

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 
• Market 
• Command 
• Mixed

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 
• Command 
• Market 
• Mixed

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

• Traditional 
• Mixed 
• Market
• Command

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

• desire
• demand
• supply
• scarcity

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 

• Traditional 
• Market 
• Command 
• Centrally planned 

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

What type of Economy is based on 'old fashioned ways' or farming?

• Traditional
• Market
• Mixed
• Command

What type of economy does the United States have?

• Traditional
• Command
• Unlimited
• Mixed

What is a Command Economy?

• Capitalistic economy in which there is free competition and prices are determined by interaction of supply and demand

• An economic system COMBINING private and public enterprise.

• When production, investment, price, and income are determined centrally by a government.

• A system that relies on customs, history, and time-honored beliefs.

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned