Exploring Economic Systems

Economics is 

• the study of how individuals and societies seek to satisfy needs and wants
• is government that controls or dictates
• also known as marketing
• the central banking system of the United States

Economic system found in rural, non-developed countries

• Market Economy
• Command Economy
• Traditional Economy
• Mixed Economy

Economics decisions are based on customs and centered around family in which economic system?

• Traditional Economy
• Command Economy
• Market Economy
• Mixed Economy

Supply and demand of goods and services determines the price in which economic system?

• Traditional Economy

• Market Economy

• Command Economy

• Mixed Economy

Government controls or dictates what is produced in this economic system

• Traditional Economy
• Free Enterprise
• Command Economy
• Mixed Economy

The type of economic system the United States has.

• Mixed Economy
• Traditional Economy
• Free Enterprise
• Command Economy

Government takes care of people's needs while the market takes care of their wants in this economic system. 

• Free Enterprise
• Command Economy
• Traditional Economy
• Mixed Economy

Prices tell businesses what to produce

• True
• False

Prices tell businesses what to produce

• True
• False

Competition is sparked by supply and demand

• True
• False