Economic System

What economy is made up of customs, beliefs, religion (farming, ways of the past, ancestors, etc)?

• traditional

• market

• comman

• mixed

In what type of economy does the government have control of everything?

• traditional

• market

• command

• mixed

What type of econonmy is based on supply and demand? Businesses have control over what they sell and who they sell to.

• traditional

• market

• command

• mixed

All democratic countries have this type of economy. Hint: USA has this type of economy.

• traditional

• market

• command

• mixed

Communist countries like the former Soviet Union, former East Germany and Cuba had which system of economy?

• traditional

• market

• command

• mixed

A group of people that pass down traditions and are hunters and gatherers have what type of economy?

• traditional

• market

• command

• mixed

In a command economy, who has the most control?

• business owners

• Indian Chief

• government

• people

The study of how people meet their wants and needs

• Ecology

• Gross Domestic Product

• Economics

• Exports

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

• What to produce, why to produce, when to produce?

• What is your opportunity cost, what economic resources are needed, why should these resources be used?

• What is produced, how is it produced, and for whom is it produced?

• What is your opportunity cost, why are economic resources needed, when should these resources be used?

Which of the following would reflect a country with a mixed economy?

• Prices and wages are completely regulated by a country’s government.

• A combination of privately-owned industry and government control.

• A country’s distribution of resources is based on inheritance.

• Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.