4 Types of Economic Systems

In a command economy decisions about what, how, and for whom to produce are determined by

• the government
• supply and demand
• cultural traditions 

How many types of economies are there?

• 1
• 4
• 3
• 5

Most countries in the world, including the US, use what economic system?

• Traditional

• Command

• Market

• Mixed

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

What are the characteristics of a traditional economic system?

• Relies on government

• Driven by consumers

• built upon traditions, customs, and beliefs

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 

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist

A mixed economy combines the best parts of which other economies? ^{This question has two correct answers.}

• Market and Command

• Traditional and Market

• Command and Traditional

• Socialism and Capitalism

This characteristic of a Mixed Economy describes the natural rivalry created when two businesses offer the same, or similar, goods.

• Competition

• Freedom of Enterprise and Choice

• Private Property

• Motive of Self-Interest

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer