4 ECONOMIC SYSTEMS

A _____________ economy is completely determined and controlled by a central planning authority or the government

• Traditional

• Planned/Command

• Mixed

• Free Market

A ______________ economy is guided primarily by custom, habit, and ritual.

• Traditional

• Planned/command

• Mixed

• Free Market

A _____________ economy is driven entirely by voluntary exchange in markets

• Traditional

• Planned/Command

• Mixed

• Free Market

A _________ economy is a market-based system in which the government is involved to some extent.

• Traditional

• Planned/command

• Mixed

• Free Market

A 100% free market without government involvement doesn't really exist in the modern world.

• True

• False

__________ is an example of a planned/command economy.

• Capitalism

• Traditional

• Uniited States of America

• Communism

Which of the following is NOT one of the 3 key economic questions:

• Who consumes it?

• How do we produce it?

• Is a hot dog a sandwich?

• What do we produce?

This is the oldest economic system in the world

• Market

• Command

• Mixed

• Traditional

In a _________ economy people can buy or sell goods as they please

• Command

• Market

• Traditional

• Mixed

In a _________ economy, people barter for things they need

• Traditional

• Mixed

• Command

• Market