Types of Economies

True or False - To obtain the things you want and need, you use both natural and human resources.

Which of the following are all factors of production?

• land, labor, and gross domestic product

• labor, service industries, and capital

• land, labor, and capital

• capital, service industries, and labor

In which type of economy are all the means of production privately owned?

• traditional economy

• command economy

• mixed economy

• market economy

In which type of economic system are resources distributed mainly through families?

• traditional economy

• market economy

• command economy

• mixed economy

A _____ is also referred to as capitalism.

• traditional economy

• market economy

• command economy

• mixed economy

In which type of economy are the production and distribution of resources controlled by the government?

• traditional economy

• market economy

• command economy

• mixed economy

What type of economic system does the United States have?

• traditional economy

• market economy

• command economy

• mixed economy

True or False: The United States has a command economy

What is a characteristic of a market economy?

• lack of choice

• some individual choice

• competition

• central ownership of property

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

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy