Types of Economic Systems

Name the 4 factors of production>

In my country, consumers are very powerful in economic decision-making.

• Traditional

• Command

• Market

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

Mary Ann runs a car dealership selling only government produced cars.  At the end of the month Mary Ann must give all of the money she made back to the government.

• Traditional 
• Free Market
• Mixed
• Command

A traditional economy mainly appears in ______countries.

• rich

• poor

• any country in the world

The four types of economies in this world are

Traditional Economy Involves bartering or trading

• false

• true

which of the following is a country that follows a command economy

• U.S.

• Canada

• U.K

• China

Which economic system is it when people decided what to produce, people decide how to produce, and people only produce goods and services for themselves and trading purposes?

• Traditional

• Command

• Market

• Mixed

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

• Traditional

• Command

• Market

• Mixed