Economy

A pure system where the work that people do is based on long-established customs

• Market

• Command

• Traditional

• Mixed

A system that combines different elements of the systems.

• Mixed

• Market

• Command

• Traditional

A pure system where the government controls the economy and decides what goods and services to produce, how and how much to produce, and how goods and services are distributed.

• Command

• Mixed

• Market

• Traditional

A mixed system where the government owns all the factors of production; there is no private ownership of property and little or no political freedom.

• Communism

• Socialism

• Capitalism

• None of the above

A mixed system where individuals and businesses own the factors of production.

• Communism

• Socialism

• Capitalism

• All of the above

A mixed system where the government controls some of the basic factors of production such as industries and services that are central to a nation’s well-being.

• Socialism

• Communism

• Capitalism

• All of the above

Various freedoms such as the freedom to exchange goods and services and to choose careers

• Free enterprise system

• Traditional system

• Market system

• Command system

A pure system based on private ownership, free trade, and competition.

• Market

• Traditional

• Command

• All of the above

Unlimited wants and limited resources; in short supply

• Scarcity

• Supply and demand

• Free enterprise

• None of the abov

The quantity of goods desired by buyers

• Supply and demand

• free enterprise system

• Scarcity

• Economy