Economics: Types of Economies

Front

Which type of economic system does the United States have?

Back

Mixed

Front

What kind of economic system is described by a tribe relying on hunting and farming for food, with the boy knowing he would be a farmer like his Dad? Options: Market, Command, Traditional, Mixed.

Back

Traditional

Front

In the former Soviet Union, consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. In what type of economy did they live?

Back

Command

Front

In a market economy, goods and services were privately owned businesses.

Back

True

Front

In a Command Economy, the government provides and controls the goods and services.

Back

True

Front

What type of economy does North Korea have?

Back

Command

Front

In China, 40% of the economy is based in state-run industries while 60% is based on the private sectors where producers and consumers make production decisions. What type of economy does this reflect?

Back

Mixed

Front

Which economic description best suits Turkey?

Back

Mixed/Market

Front

What type of resource is something from nature that people can use and is NOT created by humans?

Back

Natural

Front

Money, products, and supplies used in the production of goods and services are called

Back

Capital Resources