WS 2: Economic Systems

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

Which of the following is an economic system in which economic decisions are made according to tradition & culture?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

What is an economic system where only the government makes the economic decisions?

• traditional economy

• free enterprise

• mixed economy

• command economy

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

The government has little to no role in the production of goods in this type of economy.

• Traditional

• Mixed

• Command

• Market

I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.

• Traditional

• Command

• Market

• Mixed

Businesses have freedom to produce whatever they think consumers will buy

• Market

• Command

• Mixed

• Traditional

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

• Mixed

• Market

• Traditional

• Command

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

• What to produce, why to produce, when to produce?

• What is your opportunity cost, what economic resources are needed, why should these resources be used?

• What is produced, how is it produced, and for whom is it produced?

• What is your opportunity cost, why are economic resources needed, when should these resources be used?