Economics Chapter 2 & 3

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

A command economy is when the government is in control.

• True

• False

Which of the following is an economic system in which economic decisions are made according to social roles, culture, customs, & habits?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

In which type of society would we most likely find a traditional economic system?

• a major city
• an established country
• rural and under-developed territory
• all of the above

There are four types of economic systems.  Most economies are _____. 

• Traditional 
• Command 
• Market 
• Mixed

This type of government typically goes with the Command Economy.  

• Democracy
• Republic
• Autocracy
• Communism

The government has little to no role in the production of goods in this type of economy and is directed by "invisible hand".

• Traditional

• Mixed

• Command

• Free Market

In this type of economy, the government places control on businesses, but the individual decides what to make. 

• Mixed
• Market
• Command 
• Traditional

This economic system discourages new ways of doing things

• Traditional
• Market
• Command
• Mixed

People cast “dollar votes” in this economic system.

• Traditional
• Market
• Command
• Mixed