Economic Systems

In a command economy, who typically makes decisions about resource allocation?

• Government authorities

• Consumer and producers

• Private businesses

• Community councils

What economy relies heavily on customs, traditions, and cultural norms to guide economic activities?

• Command

• Traditional

• Mixed

• Free Market

A mixed economy combines elements of both:

• Command and Traditional Economies

• Traditional and Free Market Economies

• Command and Free Market Economies

• Traditional, Command, and Free Market Economies

In a free market economy, prices of goods and services are primarily determined by:

• Government regulations

• Consumer demand and supply

• Cultural traditions

• Central planning

Which economy allows private individuals and businesses to own and control the means of production?

• Command economy

• Traditional economy

• Mixed economy

• Free market economy

Match the following.

• Command Economy

• Supply and demand dictate resource allocation.

• Traditional Economy

• Centralized planning and government control over resources.

• Free Market Economy

• Economic activities based on cultural customs and beliefs.

• Mixed Economy

• Combination of private and government ownership/control.

• Market Economy

• Individuals and businesses make economic decisions.

In a ______ economy, economic decisions are made by government authorities and resources are allocated centrally.

A ______ economy relies on custom, tradition, and cultural practices to guide economic activities.

In a _____ economy, there is a blend of private ownership and government intervention in economic decision-making.

In a _____ economy, prices of goods and services are determined by interaction of supply and demand.