Economic Systems and "What is Economics?"

Society will never be able to satisfy all wants and ____.

• desires
• needs
• hungers
• money problems

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

In this type of economy, the individual decides who to sell their products to and the government does not get involved at all.

• Traditional 
• Mixed 
• Market
• Command

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

_______ is another word for Market Economy. 

• Capitalism 
• Communism

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

• Market
• Mixed
• Command
• Traditional

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 

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

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

• Traditional

• Planned/command

• Mixed

• Free Market