Economic Systems

This describes how a country’s economy is organized:

• Economic System

• Production Possibilities

• Supply

• Scarcity

An economic system must answer three questions. Which is NOT one of those?

• What to produce?

• How to produce?

• For whom to produce?

• How much to produce?

Which is NOT a type of economic system?

• Traditional

• Market

• Command

• Split

• Mixed

A mixed economy is a combination of:

• Traditional and Market

• Command and Traditional

• Command and Market

• Traditional and mixed

An economic system in which economic decisions are based on customs and beliefs:

• Traditional

• Mixed

• Market

• Command

Which economic system consists of bartering to exchange goods?

• Traditional

• Mixed

• Market

• Command

When ancestors and customs make economic decisions, this is an example of which economy?

• Traditional

• Market

• Mixed

• Command

When the government controls all economic decisions, this is an example of which economy?

• Traditional

• Market

• Mixed

• Command

When economy is solely driven by businesses and consumers, it is an example of which economy?

• Traditional

• Market

• Mixed

• Command

When economy is controlled by businesses and consumers along with the government, it is an example of which economy?

• Traditional

• Market

• Mixed

• Command