Economic Systems

A village that farms, fishes, hunts, and barters for goods and services with each other are characteristics of a...

• Command Economy

• Traditional Economy

• Free Market Economy

• Mixed Economy

In this type of economy people generally have very little choice

• Command Economy

• Free Market Economy

• Traditional Economy

• Mixed Economy

Which type of economy is based on the motivation to make a profit?

• Free Market Economy

• Command Economy

• Traditional Economy

Free Market Economies generally have a very strong ____________________ sector.

• Private

• Public

What is it called when businesses produce goods and provided services based on what consumers demand and are willing to purchase?

• Consumption

• Consumer Sovereignty

• Production

• Competition

Who makes most decisions in a command economy?

• The government

• Individuals

• Businesses

• The President

The public sector may maintains some influence over the private sector in a ________________ economy. The government forcing car companies to install seat belts in every car they make, for example.

• Command Economy

• Free Market Economy

• Traditional Economy

• Mixed Economy

Competition and individual choice are important parts of which two types of economies?

• Free Market

• Traditional

• Command

• Mixed

Most countries in the world, including the United States, are __________________ economies.

• Mixed

• Command

• Traditional

• Free Market