Economic Systems HPMS

The four major economic systems include all but which one?

• Mixed Economy

• Command Economy

• Traditional Economy

• Classic Economy

Mixed economies, like the USA, thrive because of entrepreneurs and

• government actions

• government controls

• competition

• property grants

The way a country deals with the production, distribution, and consumption of goods and services within its society is known as its . . .

• government.

• entrepreneurship.

• production cost.

• economic system.

There are different types of economic systems. The one that a country develops for the use of its limited productive resources depends mainly upon . . .

• the extent of government involvement.

• a country's population.

• the diversity of the country.

• the country's leaders.

What will be produced? Who will produce it? For whom will it be produced? Are called the . . .

• Questions for Consumers

• The Three Basic Economic Questions

• Government's Involvement

• Needs of Economic Markets

Nigel watched as the cattle crossed the stream. He was a herder, just like his father, grandfather, and great-grandfather had been. Once, he had hoped to go to college, but he had to settle for the old ways. Nigel was part of a . . .

• Traditional Economy

• Mixed Economy

• Command Economy

• Classic Economy

The economic system of the United States, along with that of most economies today, is a __________ economy.

• traditional

• mixed

• command

• democratic

A centrally-planned economy in which the government usually has central ownership of property and resources and gives little or no choice to consumers is a . . .

• mixed economy.

• free market economy.

• command economy.

• traditional economy.

Which kind of economy am I? Individuals and businesses are owners and decision makers for the private sector, but government is the owner and decision maker for the public sector. The role of government is greater than in a free market, but less than in a command economy.

• traditional

• mixed

• command

• free market

In the U.S. today, most people agree that the government needs to be involved in health, safety, the environment, and employment. These things are considered necessary and not __________ __________ from government.

• over taxation

• over spending

• undue interference

• good involvement