Economy Types

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

A command economy is when the government is in control.

• True
• False

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

Which of the following is an economic system in which economic decisions are made according to tradition & culture?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

What is an economic system where only the government makes the economic decisions?

• traditional economy

• free enterprise

• mixed economy

• command economy

What type of economy do most countries in the world have?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional

• Market

• Command

• Centrally Planned

The government has little to no role in the production of goods in this type of economy.

• Traditional

• Mixed

• Command

• Market

Businesses have freedom to produce whatever they think consumers will buy

• Market

• Command

• Mixed

• Traditional

What are the 3 basic economic questions?

• What to produce? How To Produce? For whom to produce?

• Who to produce? Why you produce? Like to produce?

• Why to produce? Tell who to produce? Things to produce?