Economic Systems

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

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

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

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

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

• Free Market
• Traditional
• Command

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?
• What to produce? How to produce? When to produce?

When someone or a business chooses to specialize or produce certain items.

• Entrepreneur
• Economics
• Voluntary Exchange
• Specialization

When someone or a business chooses to specialize or produce certain items.

• Entrepreneur
• Economics
• Voluntary Exchange
• Specialization