traditional, command, market and mixed

In a market economy, who decides on the prices of goods and services?

• government
• buyers and sellers
• firms
• local leaders

Which of the following describes a market economy?

• The government decides to move you and many of your friends to the country so you can study farming

• You notice a lot of people in your neighborhood have dogs so you decide to start a dog walking business

• You grow up in a small village and are a fisherman just like your father and grandfather

• The leader of your country decides you will become a coal miner

What countries have a Command Economy?

• Iceland, Sweden, France, Australia

• United States, Russia, Africa, Haiti

• India, United Kingdom, Brazil

• North Korea, Cuba, Soviet Union, China, Vietnam

Command economies are usually dominated by:

• Free enterprise

• Traditions, customs, and beliefs

• State-owned enterprise

• All of the above

A large part of a command economic system is controlled by:

• a centralized power; federal government

• No one. It's an economy based off of individual freedom

What are the traits of a market economy?

• Has elements of two economic types
• Private ownership, free trade, competition, most used
• Government makes all economic decisions, communist countries
• Make own goods, grow own food, barter, least used

What are the traits of a command economy?

• Make own goods, grow own food, barter, least used
• Has elements of two economic types
• Private ownership, free trade, competition, most used
• Government makes all economic decisions, communist countries

Which type of economy has the government making all decisions?

• Market
• Mixed
• Traditional
• Command

In a command economy decisions about what, how, and for whom to produce are determined by

• the government
• supply and demand
• cultural traditions 

How many types of economies are there?

• 1
• 4
• 3
• 5