SS7E1 ECONOMIC SYSTEMS

The government makes ALL economic decisions.

• COMMAND

• MARKET

• TRADITIONAL

If your parents were peanut farmers, then you would be a peanut farmer also.

• TRADITIONAL

• COMMAND

• MARKET

There are no pure command or pure market economies. Today most countries have traces of both command and market so they are considered.

• MIXED

• HYBRID

• ANARCHY

Cuba, North Korea, and the former Soviet Union had this type of system

• COMMAND

• TRADITIONAL

• MARKET

Businesses (run by private citizens) determine what goods/services are produced and how they will be made.

• COMMAND

• MARKET

• TRADITIONAL

Bartering (trading goods rather that using money) is used.

• COMMAND

• TRADITIONAL

• MARKET

Communist countries are closely related to this.

• COMMAND

• TRADITIONAL

• MARKET

In country A, people are allowed the freedom to make economic decisions, but the government does regulate them to make sure they’re safe/fair. Country is classified as a _________________ economy

Which country has the highest level of government control?

• Cuba

• Germany

• United Kingdom (U.K.)

• Australia

Which country has the highest level of individual freedom for its citizens in the economy?

• Cuba

• Australia

• Germany

• United Kingdom (U.K.)