Types of Economies

A command economy would BEST be placed at which point on the diagram?

• Point A

• Point B

• Point C

• Point D

Which point on the diagram BEST represents a free market/free enterprise economy

• Point A

• Point B

• Point C

• Point D

Which type of economy involves trading, and doesn't usually use money?

• Command
• Traditional
• Market
• Mixed

Which type of economy is run by the businesses & business owners?

• Command
• Mixed
• Communist
• Market

Prices and wages are determined by producer supply and consumer demand.

• traditional
• command
• market
• mixed

Which type of economy has private property, consumer sovereignty (consumer power), individual choice, profit, and no government involvement?

• traditional economy

• command economy

• free market economy

• mixed economy

An economic system in which the government decides what goods will be produced, how they will be produced and how they will be distributed

• Traditional

• Command

• Market

Sometimes called Free Enterprise which allows for private ownership of businesses and property

• Traditional

• Command

• Market

An economy in which changes in prices and consumer demand guide what and how goods and services will be produced, distributed, and consumed

• Traditional

• Command

• Market

The government makes the basic economic decisions such as which goods and services to produce, prices, and wage rates.

• Traditional

• Command

• Market