Economic Systems Quiz

Economic decisions are based on customs, traditions and habits

• market economy

• traditional economy

• command economy

Three (3) basic economic questions are

• how to produce, why to produce, and for whom to produce

• what to produce, when to produce and who to produce for

• what to produce, how to produce and for whom to produce

Exchanging goods without using money is called

• goods

• services

• barter

What type of economy do most countries in the world have?

• Communist economy
• Command economy
• Traditional economy
• Mixed economy

Who decides what to produce in a traditional economy?

• People follow their customs and past generations

• The government decides

• Buyers and sellers

I am an economy in which individual consumers and producers (buyers and sellers) make economic decisions. What type of economic system am I?

• market economy

• traditional economy

• command economy

Pure command and pure market economies EXIST in the world today.

• True

• False

Economic decisions are made by the government.

• market economy

• traditional economy

• command economy

Mixed economy includes which two (2) economic systems

• market + traditional

• market + command

• traditional + command

Who decides what to produce in a market economy?

• government

• businesses

• past generations