Economic Systems

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Joe owns a shoe store.  At the end of the month Joe decides what to do with his profits.

• Command
• Free Market
• Traditional

Sally works in a private company that has to follow government rules for public safety.

• Free Market
• Command
• Mixed
• Traditional

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a command economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

________ is the most basic or fundamental economic problem.

• Scarcity
• Labor
• Greed
• Capital

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

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism