Economic Systems

Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.

• Traditional 
• Free Market
• 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

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command

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

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

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 

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

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

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