Economic Systems-6th

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.

• Traditional 
• Free Market
• Mixed
• Command

Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.

• Free Market
• Command
• Traditional

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.

• Free Market
• Traditional
• Command

Who or what answers the basic economic questions in a traditional economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

I have a problem with having enough resources. What basic question of economics solves this? 

• What to produce?
• How to produce?
• When to produce? 
• For whom to produce? 

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

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

• Traditional 
• Mixed 
• Market
• Command