Retake CE 11b/12 Types of Economies

This type of economy is passed down through family traditions. They learn from their parents. 

• Traditional 
• Market 
• Mixed 
• Command 

Which statement best describes a traditional economy?

• I can chose to be a nurse or I can be a teacher.

• I don't have to work; my economy lets me do whatever I want.

• The government tells me that I have to be a nurse.

• My parents were nurses, so I have to be a nurse.

Which statement best describes a free market economy?

• The government and the people have a say

• I can make money, choices, and own my own things

• I follow in the ways of the past

• The central government controls what I do

Which statement best describes a command economy?

• The government and the people have a say

• I can make money, choices, and own my own things

• I follow in the ways of the past

• The central government controls what I do

Which statement best describes a mixed economy?

• I can chose to be a nurse or I can be a teacher.

• I don't have to work; my economy lets me do whatever I want.

• The government tells me that I have to be a nurse.

• My parents were nurses, so I have to be a nurse.

Match the following examples to their type of economic system.

• Free Market Economy

• Katie lives in the US and the government provides public goods, like her school.

• Traditional Economy

• John is a farmer because his father was farmer.

• Mixed Economy

• Kathy can make profit from a job that she chose to do.

• Command Economy

• Eddie is told that he has to work in a factory and doesn't get a choice.

Which of the following is NOT a basic question of Economics?

• What will be produced?

• For whom will it be produced?

• What will be supplied?

• Who will produce it?

Most countries today have which type of economic system?

• Mixed

• Market

• Traditional

• Command

Select the 3 situations that describe a traditional economy.

• Kayce is a cowboy because is father was a cowboy.

• The ranchers always brand their cattle because that was done in the past.

• Ralph has many choices when he is shopping because the government isn't really involved.

• It is a custom to wear the fur of the animal that you killed.

Which economy best belongs under the green arrow?

• Democratic Economy

• Capitalist Economy

• Traditional Economy

• Free Market Economy