Types of Economic Systems

In a command economic system, who makes the decisions regarding resource allocation and production?

• Government or central authority

• Foreign governments and international organizations

• Private companies and corporations

• Individuals and households

Which economic system is based on supply and demand, with little to no government intervention?

• Socialist economy

• Free market economy

• Mixed economy

• Command economy

In a market economic system, who determines the prices of goods and services?

• Government

• Supply and demand

• Consumers

• Producers

Which economic system combines elements of both command and market systems?

• Traditional economic system

• Mixed economic system

• Capitalist economic system

• Socialist economic system

In a mixed economic system, who owns and controls the majority of resources and production?

• In a mixed economic system, both private individuals and the government own and control the majority of resources and production.

• In a mixed economic system, only private individuals own and control the majority of resources and production.

• In a mixed economic system, resources and production are owned and controlled by foreign entities.

• In a mixed economic system, only the government owns and controls the majority of resources and production.