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

People use the resources they have to make only what they need to survive.

• 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

Most countries in the world have a ___________________ economy.

• Traditional
• Command
• Mixed
• Market

Which economy is not on the economic continuum?

• Mixed
• Traditional
• Command
• Market

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.

• Free Market
• Command
• Traditional

What is this resource?

• capital resource
• human resource
• natural resource

What resource is this?

• human and capital resource
• human resource
• capital resource
• natural resource