Economic Systems

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

Sally works in a private company that has to follow government rules for public safety.

• Free Market

• Command

• Mixed

• Traditional

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

• Individuals and Businesses

• Government

• Custom

• Individuals, Businesses, and Government

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

• Individuals and Businesses

• Government

• Custom

• Individuals, Businesses, and Government

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

• Individuals and Businesses

• Government

• Custom

• Individuals, Businesses, and Government

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

• Individuals and Businesses

• Government

• Custom

• Individuals, Businesses, and Government

What type of economic system is based on customs and beliefs?

• Market

• Mixed

• Traditional

• command

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors.  This is what kind of economy? 

• Traditional 

• Market 

• Command 

• Centrally planned