Economic Systems Review

All the ways a community makes and spends its money.

• Supply and Demand

• Economy

• Producer

• Consumer

The idea that if more of a product is wanted more of that product will be produced.

• Consumer

• Producer

• Supply and Demand

• Economy

The people creating products

• Supply and Demand

• Producer

• Consumer

• Economy

The people who purchase the products being produced.

• Consumer

• Economy

• Producer

• Supply and Demand

In this type of economy the things that are being produced are decided based on custom.

• Mixed Economy

• Market Economy

• Traditional Economy

• Command Economy

The government makes all major decisions in this type of economy.

• Mixed Economy

• Market Economy

• Command Economy

• Traditional Economy

In which economic system do the consumers who are willing to spend money make the decisions on what gets produced?

• Mixed Economy

• Market Economy

• Traditional Economy

• Command Economy

This economic system takes elements of the other three economic systems.

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Write two or three sentences comparing and contrasting a market economy to a command economy.

Why do you think some countries use a mixed economy instead of a command, traditional, or market?