3.15 Economic systems

In a market economy, what most strongly affects the price and quality of goods and services?

• tariffs

• competition as well as supply and demand

• trade barriers

• government control

In a command economy, economic decisions are made by the

• Consumers

• market

• government

• producers

Who owns the resources in a command economy?

• the government

• no one

• individuals

• private business

Which of the following BEST describes a market system?

• The government provides services, such as telephones and television.

• A person can start any legal business and charge any price.

• The government provides food and housing to all workers.

• Businesses are owned by the government.

An economic system that allows individuals to start businesses, but still has government regulations is

• Traditional

• Market

• Command

• Mixed

My name is Heraldo Esterez. I have lived in Cuba all of my life. I wanted to become a teacher. However, I work for a large sugar producer that is owned by the government. The government decides when I work, where I work, and how much money I receive. What economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

My name is Curt Jones and I have always had a passion for delicious ice cream. I discovered a way to freeze ice cream into small dots. I patented the process for making ice cream and built a plant to make enough ice cream to sell it internationally. Which economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

A small family-owned business would be seen in this system

• Socialism

• Capitalism

America has which type of economic system?

• Socialist

• Capitalist

• Free Market

• Command Economy

The country of Venezuela allows for some private ownership but HEAVY government regulations.

Which economic would be present in Venezuela?

• Communism

• Capitalism

• Market (free) economy

• Socialism