Economic System Study Guide

Which economic system allows for the most individual freedom?

• Mixed

• Market

• Command

• Traditional

In which economic system does the government have the most control?

• Traditional

• Command

• Mixed

• Market

In which economic system do individuals do things based on customs & beliefs?

• Command

• Market

• Mixed

• Traditional

How do traditional economies exchange goods?

• bartering

• sets the prices of goods

• determines the wages of workers

• plans what will be made

Most democratic countries have which type of economic system?

• Mixed

• Command

• Traditional

• Market

If your parents were soy bean farmers, then you would be a soy bean farmer too. What type of economy is this?

• Mixed

• Traditional

• Command

• Market

competition between companies (shifts prices of goods/services)

• bartering

• scarcity

• free enterprise

• economics

how countries plan to use limited resources

• bartering

• free enterprise

• economic systems

• scarcity

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.

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter