Economic Systems

Which economic system is based on customs and beliefs, people will do the same work as their parents, and the exchange of goods is through bartering (no money)?

• Traditional

• Command

• Market

• Mixed

Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?

• Traditional

• Command

• Market

• Mixed

Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?

• Traditional

• Command

• Market

• Mixed

Which economic system is both market and command combined and most democratic countries fall into this category?

• Traditional

• Command

• Market

• Mixed

Which type of economic system is it when the government decides what to produce, the government decides how to produce, and the government decides who gets the goods produced?

• Traditional

• Command

• Market

• Mixed

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

• Traditional

• Command

• Market

• Mixed

Which type of economic systems does Cuba and North Korea have?

• Traditional

• Command

• Market

• Mixed

What type of economic system do some villages in Africa and South America have?

• Traditional

• Command

• Market

• Mixed

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.

A command economy is when the government is in control.

• True
• False