Economic Systems

Which is NOT an essential question of economics?

• What to produce

• How to produce it

• Where to sell it

• Who gets it

What type of economy is based on customs and how things have always been done?

• Traditional

• Free Market

• Communist

This economic system does NOT encourage new ideas and change happens very slowly

• Mixed

• Socialist

• Traditional

This economic system has little government interference and is based upon the relationship between producer and consumer

• Communist

• Free Market

• Socialist

Why are economic systems considered to be a sliding scale?

• They change every 10 years

• Its not a scale it is fixed

• No country is truly just one economic system, they are a combination of two usually

In a Free Market economy prices are determined by

• Supply and Demand

• Supply and Recall

• Demand and Purpose

In this economic system the government controls everything. Deciding what to produce, how to produce it, and who gets it.

• Socialist

• Traditional

• Communist

There is NO private ownership of any kind in this economic system

• Free Market

• Mixed

• Communist

In this economic system government owns and controls basic industry, but small private businesses are allowed

• Communist

• Socialist

• Free Market

What is Subsistence Agriculture?

• Farming for profit

• Farming to meet your basic needs

• When there is no farming