Types of Economies

Which type of economic system bases its decisions on custom?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which type of economy has central ownership and lack of individual choice?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

Government owns resources and controls production, prices, and wages.

• traditional
• command
• market 
• mixed

Prices and wages are determined by producer supply and consumer demand.

• traditional
• command
• market
• mixed

What type of economy does the United States have?

• Traditional
• Command
• Unlimited
• Market

Resources are usually shared.  Many use bartering to exchange goods and services.

• traditional
• command
• market
• mixed

Government regulates certain industries.

• traditional 
• command
• market
• mixed

Individuals own most resources and determine what and how to produce.

• traditional
• command
• market
• mixed