Economic Systems Review

Which of the following is NOT one of the questions that ALL economic systems answer?

• What will we produce?

• How will we produce it?

• For whom will it be produced?

• When does production start?

In which economic system is ALL property owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is ALL property owned by the government ("for the good of the country")?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is some property owned by the government and some is owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is property collectively owned by the tribe or community?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is creativity not rewarded? You're simply expected to perform your task and meet your quota.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system are privately owned businesses limited with by government regulations which are intended to protect consumers?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system do children already know what they'll be when they grow up because they will be trained to do what their parents and grandparents have done?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is there virtually no unemployment because the government will definitely give everyone a job to do?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system do consumers have an almost endless range of choices because many companies are competing against one another?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy