Economic Systems

What are the 3 basic economic questions?

• What to produce, Where to produce, Who produces

• What should be produced, How should it be produced, Who uses or consumes the goods and services

• Where does the stuff go, when does it go, how does it go

• When it gets produced, Where it goes, What time it goes

North Korea and Cuba have what type of economy?

• Mixed

• Market

• Command

• Triditional

An economy in which the central government makes all the decisions is called?

• Command

• Market

• Traditional

• Mixed

An economy in which people make economic decisions based on their costumes and habits called?

• Command

• Traditional

• Market

• Mixed

An economy that combines elements of traditional, market, and command

• Command

• Market

• Mixed

• Traditional

An economy in which individual consumers and producers make economic decisions is called?

• Command

• Market

• Mixed

• Traditional

The United States and Japan have what kind of economy?

• Traditional

• Mixed

• Market

• Command

Which one of the following is one of the 4 basic economic systems?

• Mixed

• Pure

• Individual

• Planned

Which of the 4 basic economies are not very common today?

• Mixed

• Market

• Traditional

• Command

Which of the 4 basic economies does the government make all the decisions?

• Mixed

• Market

• Traditional

• Command