Types of Economies and Money Terms

Economic decisions are based on custom and historical precedent.

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

There is private ownership of property and resources.

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

There is a lack of consumer choice and property and resources are usually owned by the government (central ownership).

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

There is a private and public sector.

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

Most economies today, including the United States, is this type of economy.

• Traditional Economy

• Free Market Economy

• Mixed Economy

• Command Economy

This economy is driven by consumer sovereignty, profit motive, and has minimal government involvement.

• Traditional

• Free Market

• Mixed

• Command

The worldwide markets in which the buying and selling of goods and services by all nations is called the ___

Economy.

• World

• Global

• Continental

• National

Technology ___ the cost of production.

• lowers

• increases

• maintains

• defines

Why does Virginia and the United States trade with other nations?

• to obtain goods and services they cannot produce

• to buy goods and services at a lower cost

• to sell goods and services to other countries

• to create jobs

• All of the above

What you call money used by households and the government to purchase goods and services from businesses...

• payment

• income

• taxes

• deposits