Economic Systems

In my country, central planners decide when we should expand old factories and build new ones.

• Traditional

• Command

• Market

• Mixed

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

In my country, the government makes all the economic decisions.

• Traditional

• Command

• Market

• Mixed

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this?

• Mixed
• Traditional
• Market 
• Command

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which economy is dictated by supply and demand and the buyers and sellers?

• Market
• Socilaism 
• Mixed 
• Command 

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods and services will be produced?
• What is the price of the goods? 
• Who is responsible for producing goods and services?
• How will goods and services be distributed to customers?

__________ : when people want or need more of something than there is.

• Scarcity

• Profit

• Opportunity Cost

• Tax

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

• Free Market
• Command
• Traditional