economic review

Which type of economic system bases its decisions on custom?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which type of economy has central ownership and lack of individual choice?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which type of economy is controlled by the government?

• Command

• Market

• Mixed

• Democratic

Which type of economy is run by the businesses & business owners?

• Command

• Mixed

• Communist

• Market

Government owns resources and controls production, prices, and wages.

• traditional

• command

• market

• mixed

Individuals own most resources and determine what and how to produce.

• traditional

• command

• market

• mixed

What type of economy does the United States have?

• Traditional

• Command (Communist)

• Market (Free Enterprise)

• Mixed (Socialist)

What is subsistence farming?

• Farming for sub-sandwiches

• When farmers grow food crops to meet the needs of themselves and their families

____________is the process of making goods in a workshop or factory.

• Creating
• Manufacturing
• Building

Bartering and trading are mainly used in this economy:

• Traditional Economy

• Market Economy

• Command Economy