Types of Economies

Which Economic System are all resources owned by the government

• Pure Command

• Pure Market

• Mixed

• Transitional

Every country in the world, including the United States, has unlimited resources at their disposal

• True

• False

Match the following

• Depends on how much money country has

• What will be produced

• Depends on what the country has

• What needs and wants will be satisfied

• Using skilled and unskilled workers

• How will it be produced

200 years ag _______ percent of Americans were farmers

• 3

• 80

• 100

• 75

Today, only ______ percent of Americans are farmers

In a ______________ economy private firms account for ALL of the production within a country

• Pure Market

• Pure Comman

• Transitional

• Traditional

In a Pure Market Economy there is some government involvement, but not a lot

• True

• False

In a Pure Market Economy there is ​ (a)   Government involvement and all income goes to the​ (b)   and the resources are ​ (c)  

• NO
• Resource owners
• Privately owned

Another word for central authority is . . .

• Government

• Business

• Owners

• Partner

Less competition means __________ prices

• Lower

• Higher