Types of Markets

In a Command economy, who primarily makes production decisions?

• Individual consumers

• A small group of political leaders

• Large corporations

• The general population

What is one characteristic of a Traditional economy?

• Production decisions are made by the government

• Families are responsible for producing their own goods

• It relies entirely on market forces

• It is the same as a command economy

Which country is cited as an example of a Market economy?

• North Korea

• Canada

• Cuba

• United States

What is a Mixed economy?

• An economy that only allows private ownership

• An economy that integrates elements from different types of economies

• An economy that relies solely on government control

• An economy that is only traditional

Which of the following is NOT a characteristic of a Traditional economy?

• Decentralized production

• Government price setting

• Self-sufficiency

• Use of hunter-gatherer methods

What type of economy combines elements of state ownership and private ownership?

• Traditional

• Command

• Market

• Mixed

What role does supply and demand play in a Market economy?

• It is irrelevant

• It determines pricing and production decisions

• It is strictly controlled by the government

• It only affects traditional economies

Which economic system is Canada primarily classified under?

• Traditional

• Command

• Market

• Mixed

Which aspect of a Mixed economy does Canada demonstrate?

• Complete government control over all markets

• The ability to grow food and barter

• No private land ownership

• Sole reliance on traditional methods