Economic Systems Review

What is a market economy?

• A combination of two economic systems

• An economy where the government makes all decisions

• An economy where customs and traditions make all decisions

• An economy where individuals make all decisions

What is a command economy?

• An economy where individuals make all the decisions

• An economy where customs and traditions make all decisions

• A combination of two economic systems

• An economy where the government makes all decisions

What is a traditional economy?

• An economy where the government makes all decisions

• An economy where customs and traditions make all decisions

• An economy where individuals make all decisions

• A combination of two economic systems

What is a mixed economy?

• An economy where individuals makes all decisions

• An economy where the government makes all decisions

• A combination of two economic systems

• An economy where customs and traditions make all decisions

The United States is an example of which economic system?

• Market

• Command

• Mixed Market

• Traditional

Currently, China is an example of which economic system?

• Mixed Command

• Command

• Market

• Mixed Market

The former USSR (Soviet Union) featured which economic system that was the archenemy of the USA during the Cold War?

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Economic freedom is best characterized by:

• the ability to acquire any job you want

• ensuring everyone gets the same things

• producing more goods and services, increasing the economy

• making as many goods and services with as little resources as possible

Economic efficiency is best characterized by:

• the ability to acquire any job you want

• ensuring everyone gets the same things

• producing more goods/services and increasing the economy

• making as many goods/services with as little resources as possible

Economic growth is best described by:

• the ability to be anything you want to be

• ensuring that everyone has the same in life

• a country producing more goods/services and increasing their GDP

• making as many g/s with as little resources as possible