Economic Systems and Trade Barriers

Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

People use the resources they have to make only what they need to survive.

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

Most countries in the world have a ___________________ economy.

• Traditional
• Command
• Mixed
• Market

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

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 producers and consumers answer the three economic questions?

• 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

A country that has aspects of a market economy plus a command economy is called a

• Market Economy

• Command Economy

• Mixed Economy

• Traditional Economy

Which of the following trade barriers places a limit on imported goods?

• Tariff

• Quota

• Embargo