Economic Systems and Trade Barriers

In a traditional economy, economic decisions are made based on what?

• the changes in prices that occur as buyers and sellers interact

• the government

• customs, traditions and beliefs of the past

Economy that is dictated by government controls and regulations

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

Economy based on buyers and sellers where private citizens and businesses make the decisions.

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

An economic system where private citizens and the government make the decisions.

• Market

• Mixed

• Command

• Traditional

Most countries in Africa have a _________ economy

• Market Economy

• Traditional Economy

• Mixed Economy

• Command Economy

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

• Traditional

• Command

• Market

• Mixed

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk. He got to decide what he wants to become. What kind of economy is this?

• Free Market

• Traditional

• Command

Sarah would like to become a doctor when she grows up. Unfortunately, she lives in a country where her job will be decided for her by the government. What kind of economy do they have?

• Traditional

• Free Market

• Mixed

• Command

Which of the following countries has the highest level of government control in the economy?

• Cuba

• Russia

• United Kingdom

• Australia

Forbids trade with another country

• standard of care

• subsidy

  subsidy

• embargo

• revenue tariff