Intro to Economic Systems Vocab

What are the 4 economic systems?

• Autrocracy, Command, Market, & Mixed

• Democracy, Command, Monarchy, & Mixed

• Traditional, Dictatorship, Market, & Martial

• Traditional, Command, Market, & Mixed

What economic system produces what they need to survive and do NOT use money?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In what economic system are all decisions made by the government?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What economic system is controlled by people, supply, and demand? NO GOVERNMENT CONTROL

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What economic system is a mixture of pure Command and pure Market?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In a ______________________ economy they Produce WHAT THEY NEED to survive.

In a __________________ economy the government controls everything.

In a _________________ economy supply and demand control the economy. No government control.

A _____________________ economy is a MIXTURE of a pure Command economy and a pure Market economy.

Which of these countries appears to have an economy that is controlled mostly by the government? Click on the magnifying glass to see the economic continuum.

• Cuba

• Australia