Economic Systms and the US Economy

Which of the following is a country which operates under a traditional economy?

• North Korea

• Cuba

• Kenya

• US

What are the 3 basic questions an economic system MUST answer?

• Who will sell it, who will own the company, who will export

• How will the government make it, who will buy it, who will sell it

• Who will import, who will export, who will buy

• What will be produced, how will it be produced, for whom will it be produced

What are the Four economic systems?

• Capitalism, Communism, Traditional, and Democracy

• Free Market, Mixed, Democracy, and Traditional

• Traditional, Mixed, Command, and Free Market.

• Mixed, Command, Communism, and Traditional.

What economic system has the least government involvement?

• Mixed economy

• Free Market economy

• Command economy

• Traditional economy

What economic system is centrally owned and centrally planned by a government?

• Command economy

• Free Market economy

• Traditional economy

• Communism

What kind of economic system does this country have?

• Traditional Economy

• Communism

• Mixed Economy

• Command Economy

What kind of economy is most modern nations today?

• Command economy

• Capitalism

• Free Market economy

• Mixed economy

What economy makes economic decisions based on custom and historical precedent?

• Traditional Economy

• Command Economy

• Free Market Economy

• Mixed Economy

What economic system is associated with the terms private ownership, limited government interference, consumer sovereignty, profit motive, and competition?

• Traditional economy

• Mixed economy

• Capitalism

• Free Market economy

What must every country develop to determine how to use its limited productive resources?

• A farm, factory, or mine

• A government

• An economic system

• A market