Economic Systems

What are the three basic questions that every economic system must answer?

• What's produced?

• How's it produced?

• Who sells it?

• Who consumes it?

What are the three economic systems?

• Market

• Traditional

• Command

• Democratic

Which economic system allows for the most individual freedom?

• Mixed

• Market

• Command

• Traditional

In which economic system do individuals do things based on customs & beliefs?

• Command

• Market

• Mixed

• Traditional

What is the economic system of most communist countries?

• Command

• Traditional

• Market

• Mixed

How do traditional economies exchange goods?

• bartering

• sets the prices of goods

• determines the wages of workers

• plans what will be made

If your parents were soy bean farmers, then you would be a soy bean farmer too. What type of economy is this?

• Mixed

• Traditional

• Command

• Market

Businesses (run by private citizens) determine what goods/services are produced and how they will be made.

• Mixed

• Command

• Market

• Traditional

the limited supply of something

• scarcity

• bartering

• economics

• free enterprise

how countries plan to use limited resources

• bartering

• free enterprise

• economic systems

• scarcity