Traditional, Command, Market Economies

What type of economic system bases it decisions on custom, culture, and rituals?

• Traditional

• Market

• Command

Which type of economy is "CONTROLLED" by the GOVERNMENT?

• Market

• Traditional

• Command

Which type of economy is run by the businesses and consumers?

• Command

• Traditional

• Market

This type of economy involves trading, and does not usually use money?

• Command

• Market

• Traditional

Which type of economy has the GOVERNMENT "making ALL the decisions"?

• Command

• Traditional

• Market

Under a command system, who owns the factors of production?

• Market

• Command

• Traditional

In this economy, the price of a t-shirt is determined by the consumers

• Market

• Command

• Traditional

"Individuals" own resources and determine what and how to produce

• Command

• Traditional

• Market

Resources are usually shared in this type of economy. Many use bartering (trade) to exchange goods and services.

• Command

• Market

• Traditional

Shortages of consumer goods occur because "GOVERNMENT" sets prices low and resources are often used for military goods.

• Command

• Market

• Traditional