Government and Economic Systems

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.

Government makes all the economic decisions

• command

• market

• traditional

Family/community is very strong

• command

• market

• traditional

Very low standard of living

• command

• market

• traditional

Who or what answers the basic economic questions in a traditional economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

The Amish

• command

• market

• traditional

North Korea

• command

• market

• traditional

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

• Market economy
• Command economy
• Traditional economy
• Mixed economy

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command