Types of Economies

What is one basic question of economics?

• What will be produced?
• Who acquires what goods and services?
• What resources are available?
• What is the opportunity cost?

What is a characteristics of a market economy?

• lack of choice
• individual choice
• competition
• central ownership of property

Which type of economy is controlled by the government?

• Command
• Market
• Mixed
• Democratic

Which type of economic system bases its decisions on custom?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

This economy would most likely have a dictator.

• Mixed
• Capitalism
• Socialism
• Communism

Which type of economy involves trading, and doesn't usually use money?

• Command
• Traditional
• Market
• Mixed

Which type of economy has the government making all decisions?

• Market
• Mixed
• Traditional
• Command

Under a command system, who owns the factors of production?

• Consumers
• Elders
• Government
• Businesses

The price of a t-shirt is set by how much the businesses  are willing to pay.

• Market
• Mixed
• Traditonal
• Command