Economic Systems

The government plans how to use resources to make goods and services.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Both supply and demand and the government influence how resources are used to make goods and services.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

The three types of economic systems are:

• Traditional, Command, & Market

• Traditional, Combined, & Market

• Communism, Capitalism, and Macroeconomics

• Microeconomics, Macroeconomics, and Traditional.

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a command economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Being able to change direction drastically in a short period of time is an advantage of a ________ economy.

• traditional

• command

• market

• all of the above

A disadvantage of this type of economy is a very low standard of living:

• traditional

• command

• market

• all of the above