Economic Systems Review

A command economy is when the government is in control.

• True
• False

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

• Market economy

• Command economy

• Traditional economy

• Mixed economy

What are the three economic questions?

• What to produce? How to produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

Each society must determine how to best use its_______

• People
• Land
• Natural Resources
• All of the above

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

The government has little to no role in the production of goods in this type of economy.

• Traditional

• Mixed

• Command

• Market

Which of the following is NOT one of the three main economic systems?

• Communism

• Fascism

• Socialism

• Capitalism

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

This economic system is based on competing - making money - and improving yourself.

• Socialism
• Communism
• Capitalism
• Fascism

In a communist society...

• the government controls the means of production

• the individual owns the means of production

• wealth is distributed evenly amongst society

• there is no wealth or private property