economic systems

This economic system is based on individual freedom.

• Traditional

• Command (Communism)

• Free Market

This economic system is controlled by the government.

• Traditional

• Command (Communism)

• Free Market

Joe owns a shoe store.  At the end of the month Joe decides what to do with his profits.

• Command
• Free Market
• Traditional

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.

• Free Market
• Command
• Traditional

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command

Sally works in a private company that has to follow government rules for public safety.

• Free Market
• Command
• Mixed
• Traditional

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Which of the following is not a fundamental economic question?

• What should be produced?

• How should it be produced?

• How should the products be distributed?

• Who should get it?

In which economic system is ALL property owned by the government ("for the good of the country")?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy