Economics Systems Pro Con

Allocation of resources and nearly all other economic activity stems from ritual, habit, or custom

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

Which type of economy is characterized by government control over all major aspects of economic activity?

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

In which economic system do supply and demand determine the allocation of resources?

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

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

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

Roles are defined by customs of their elders and ancestors

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

Pro - Everyone knows what role to play

• Traditional

• Command

• Mixed

• Market

Which economic system is most likely to encourage innovation and entrepreneurship?

• Traditional Economy

• Command Economy

• Mixed Economy

• Market Economy

Con - Discourages New Ideas

• Traditional

• Market

• Command

• Mixed

Con - Strict rules often punish people who act differently

• Traditional

• Mixed

• Command

• Market

Con - lack of progress leads to lower standard of living

• Command

• Mixed

• Traditional

• Market