Types of Economy

The government dictates what and how many goods and services are produced, prices and individual incomes, and who can purchase those goods and services and how much they can buy.

• Traditional

• Command

• Mixed

• Free Market

Businesses and Consumers are in control, government plays a limited role.

• Command

• Free Market

• Mixed

• Traditional

True or False: Economics is the study of how people seek to satisfy their needs and wants by making choices.

• True

• False

This type of economy does not use money and relies on the barter system.

• Command

• Traditional

• Mixed

• Free Market

Who sets the prices in a command economy?

• The citizens

• The government

• The Free Market

• Both the government and the citizens

What is the role of the government in a command economy?

• They have total control of the economy

• The consumers and producers have total control of the economy

• They split control of the economy

• There is not a government in a command economy

What is the role of the government in a Free Market economy?

• They have total control of the economy

• The consumers and producers have total control of the economy

• They split control of the economy

• There is not government in a command economy

What is the role of the government in a Mixed economy?

• They have total control of the economy

• The consumers and producers have total control of the economy

• They split control of the economy with consumers and producers

• There is not government in a command economy

What type of economy is traditional, command and market economies combined?

• Free Market

• Command

• Mixed

• Traditional

Which type of economy relies on barter or trade?

• Free Market

• Traditional

• Command

• Mixed