Econ and Fin Lit economic systems

System where customs and traditions dictate economic activities.

• traditional

• market

• command

• planned

System in which the government makes all the economic decisions.

• traditional

• command

• market

• free enterprise

Which of the following terms are sometimes used when we describe a command economy?

• capitalism

• market economy

• communism

• free enterprise

When the means of production are owned by the government and the government provides goods and services to the people.

• command system

• market system

• socialism

• free enterprise

A system where buyers and sellers make the economic decisions.

• traditional

• command

• market

• communism

Economic system in which buyers and sellers make the decisions, but the government is involved as a rule maker and provider of services

• command

• socialism

• mixed market

• capitalism

economic system used in the United States?

• socialism

• communism

• traditional

• mixed market

Which of the following systems is NOT associated with the command system?

• capitalism

• planned economy

• communism

• socialism

Another term often used to describe a market system is?

• planned economy

• communism

• free enterprise system

• socialism

The United States economy is a mixed market economy, combining elements of the market system with elements of ?

• capitalism

• socialism

• communism

• traditionalism