Economics: Types of Economies

Which type of economic system does the United States have?

• Market

• Commend

• Mixed

• Traditional

The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his Dad had been. What kind of economic system does this describe?

• Market

• Command

• Traditional

• Mixed

In the former Soviet Union, consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. In what type of economy did they live?

• Market

• Mixed

• Traditional

• Command

In a market economy, goods and services were privately owned businesses.

• True

• False

In a Command Economy, the government provides and controls the goods and services.

• True

• False

Although there have been small market reforms in North Korea, the majority of legal economic activities are centrally controlled by the government. What type of economy does North Korea have

• Market

• Mixed

• Traditional

• Command

In China, 40% of the economy is based in state-run industries while 60% is based on the private sectors where producers and consumers make production decisions. What type of economy does this reflect?

• Mixed

• Command

• Traditional

• Market

Turkey has a diversified economy with large service, manufacturing, and agricultural sectors. It has gradually moved from government directed economy to more private enterprise. Which economic description best suits Turkey?

• Command/Mixed

• Mixed/Market

• Traditional

• Command

Something from nature that people can use. It is NOT created by humans. What type of resource is this?

• Capital

• Natural

• Human

• Mixture

Money, products, and supplies used in the production of goods and services are called

• Capital Resources

• Natural Resources

• Human Resources