Economic System (Practice 1)

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.

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? When to produce?

• Why to produce? Tell who to produce? Things to produce?

Private individuals are free to gain profit from their business.

• Command

• Free Market

• Traditional

• Mixed

All economic questions are answered and planned by the government or the central board authority.

• free market

• mixed

• traditional

• command

A command economy is when the government is in control.

• True
• False

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 social roles & culture?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

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

• Market economy
• Command economy
• Traditional economy
• Mixed economy

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?

• Mixed
• Market
• Traditional
• Command