Economic systems

How many econimc systems have we discussed in class?

• 2

• 7

• 1

• 4

What are the four economic systems?

• earth, wind, fire and earth

• basketball, football, baseball and soccer

• traditional, command, market, and mixed

• traditional, lemon pepper, sweet and sour, and garlic parm

Everyone knows their job in a ___________economy but are not free to make decisions based on what they want or would like to have.

What type of economic system is this?

• Mixed

• Traditional

• Market

• Command

A _________ economy combines parts of the market and command systems. Most economies today are _______, which means individuals own and control the resources.

• Traditional

• Command

• Market

• Mixed

In a ______________economy, individuals make all economic decisions. The government has little or no say in what is produced, sold, or consumed. Consumers buy what they want.

• Traditional

• Command

• Market

• Mixed

In a ________economy, the government makes all the economic decisions and has control over its country’s natural resources. The government decides on how goods will be produced, how many are made, and how they are distributed.

What economic system is this?

• Traditional

• Command

• Market

• Mixed

What are the Four factors of production

• land, capital, money, houses

• Land, capital, labor and enetrepreneurship

• land, cars, clothes, and entrepreneurship

• food, water, house and clothes

What are some examples of capital? Check all that apply.

• Tools

• equipment

• 18 wheelers

• doughnuts

• apples

People who start a new business or bring a product to the market are

Which is the correct factor of production

• land/ natural resources

• Capital

• Labor

• Entrepreneurship

A person who makes goods or products to sell.

• Consumer

• Producer

• Import

• Export