Market Economies

What best defines a mixed market economy?

• Based in customs and traditions, with trade being conducted through bartering.

• Combines aspects of both capitalism and socialism. Supply and demand.

• Unrestricted competition between privately owned businesses.

• Production and income are determined solely by the government.

Most communist countries have this type of market.

• Free

• Mixed

• Command

• Traditional

All of these are examples of mixed market economies, EXCEPT...

• United States

• Norway

• China

• North Korea

What best defines a free market economy?

• Based in customs and traditions, with trade being conducted through bartering.

• Combines aspects of both capitalism and socialism. Supply and demand.

• Unrestricted competition between privately owned businesses.

• Production and income are determined solely by the government.

What best defines a command market economy?

• Based in customs and traditions, with trade being conducted through bartering.

• Combines aspects of both capitalism and socialism.

• Unrestricted competition between privately owned businesses.

• Production and income are determined solely by the government.

All of these are examples of free market economies, EXCEPT...

• United States

• New Zealand

• Ireland

• Singapore

What best defines a traditional market economy?

• Based in customs and traditions, with trade being conducted through bartering.

• Unrestricted competition between privately owned businesses.

• Combines aspects of both socialism and capitalism.

• Production and income are determined solely by the government.

The four types of economic systems are:

• Capitalism, Free Market, Macroeconomics, Demand

• Traditional, Microeconomics, Supply, Demand

• Traditional, Free, Mixed, and Command

• Individual, Command, Capitalism, Mixed

All of these are examples of command market economies, EXCEPT...

• Cuba

• North Korea

• Canada

• Belarus

"The Wealth of Nations" was written by this individual who set the foundation for most economic systems.

• Karl Marx

• Franklin D. Roosevelt

• Leon Trotsky

• Adam Smith