Exploring Economic Systems

Which type of economy is primarily based on customs, traditions, and beliefs?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which type of economy does the government make all the decisions regarding production and distribution of goods and services?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What type of economy is characterized by private ownership and the free market?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Which type of economy combines elements of both market and command economies?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In a traditional economy, how are economic roles like farming, hunting, and gathering typically passed down?

• Through government assignments

• Through market competition

• From generation to generation

• By random selection

What is a key feature of a command economy?

• Consumer choice

• Government planning

• Profit motive

• Competition

Which economic system is least likely to experience large-scale innovation and entrepreneurship?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In a market economy, who primarily determines what goods and services are produced?

• Tribal leaders

• Government officials

• Consumer demand

• International corporations

How does a mixed economy address the issue of economic equity?

• By allowing complete market freedom

• By prohibiting private property

• By combining government intervention with a free market

• By eliminating all government intervention

Which type of economy is most likely to use bartering as a form of exchange?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy