4 Economic Systems

It is the type of economic system in which the government controls the economy and people have no freedom to make economic decisions.

• customs

• barter system

• command system

• market system

In a traditional system, people mainly trade goods and services with each other instead of buying things; this is called the

• barter system

• market system

• customs

• capitalist

is when small family farms produce most of what each family needs to survive.

• subsistence farming

• command system

• market system

• customs

are beliefs and traditions

• capitalist

• barter system

• customs

• capitalist

The market system is another name for

• barter system

• capitalist

• market system

• customs

In this system individuals have the freedom to make economic choices and the government has no involvement in the economy

• market system

• capitalist

• command system

• barter system

The US government has increased its influence on the economy by

• imposing taxes

• creating government agencies

• creating laws

• all of the above

A main feature of a traditional system is

• the barter system

• subsistence farming

• goods produced by families

• all of the above

Who makes the economic choices in a mixed economic system

• individuals

• government

• individuals and government

• none of the above

in a traditional system, what determines the answer to what, how, and for whom things should be produced

• customs and past ways

• the businesses

• the environment

• none of the above