Economic Systems Review

In which economic system is ALL property owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is ALL property owned by the government ("for the good of the country")?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is some property owned by the government and some is owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is property collectively owned by the tribe or community?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is creativity not rewarded? You're simply expected to perform your task and meet your quota.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system are privately owned businesses limited with by government regulations which are intended to protect consumers?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is there virtually no unemployment because the government will definitely give everyone a job to do?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system do consumers have an almost endless range of choices because many companies are competing against one another?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system do people buy and sell goods and services with NO interference from the government?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system are rule-following and obedience to the government strongly enforced?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy