Economic Systems

Which economic system allows for the most individual freedom?

• Mixed

• Market

• Command

• Traditional

What are the three economic systems?

• Market

• Traditional

• Command

• Democratic

In which economic system does the government have the most control?

• Traditional

• Command

• Mixed

• Market

What is the economic system of most communist countries?

• Command

• Traditional

• Market

• Mixed

Businesses (run by private citizens) determine what goods/services are produced and how they will be made.

• Mixed

• Command

• Market

• Traditional

Businesses make economic decisions, but the government regulates them to make sure they’re safe/fair.

• Mixed

• Traditional

• Command

• Market

competition between companies (shifts prices of goods/services)

• bartering

• scarcity

• free enterprise

• economics

how countries plan to use limited resources

• bartering

• free enterprise

• economic systems

• scarcity

Economies must address how to produce goods and services. In the economy of a certain country, some factories are owned by individuals and private companies, and other factories are owned and controlled by the government.

• traditional

• market

• command

• mixed

Farmers produce crops based on orders from the government.

• traditional

• market

• command

• mixed