Economy Types

Which economy is family/agricultural based?

• traditional

• market

• mixed

• command

Which economy is privately owned so everyone can participate?

• traditional

• market

• mixed

• command

Which economy is government owned?

• traditional

• market

• mixed

• command

Which economy is a mix of all 3 other types?

• traditional

• market

• mixed

• command

All economies trade goods and services.

• yes

• no

A sum of the goods and services a country produced each year

• supply & demand

• Gross Domestic Product (GDP)

• standard of living

A higher GDP means a country is producing more stuff than other countries

• yes

• no

A lower GDP means a country is not producing more stuff than other countries

• no

• yes

The level of wealth and material comfort people have compared to others

• supply & demand

• Gross Domestic Product (GDP)

• standard of living

If the standard of living is higher, it means a country is more wealthy than others

• no

• yes