Economic Systems Quiz

competition

• Free Market

• Mixed

• Command

• Traditional 

private ownership of property and resources

• Free Market

• Mixed

• Command

• Traditional 

central ownership of property/resources 

• Free Market

• Mixed

• Command

• Traditional 

centrally planned economy 

• Free Market

• Mixed

• Command

• Traditional 

lack of consumer choice

• Free Market

• Mixed

• Command

• Traditional 

individual and business control private sector

• Free Market

• Mixed

• Command

• Traditional 

What is scarcity?

• Unlimited wants and unlimited resources

• Unlimited wants, but limited resources

• An economic system

• Large supply of needs and wants

What is capitalism?

• government control of production and goods

• private control of production and goods for profit

• employee control of production, goods, and profit

• international control of production and goods for profit

The most common economic system today is:

• Command

• Market

• Mixed

• Traditional

This economic system is based on competition, profits, and self-interest.

• Socialism

• Communism

• Capitalism