Economic Systems

Front

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. Options: Free Market, Traditional, Mixed, Command

Back

Traditional

Front

Katia is an accountant in a government run business where she was placed after graduation.

Back

Command

Front

What type of economic system is represented by Ted working towards his dream of becoming a lawyer by working at a law firm as a legal clerk? Options: Free Market, Traditional, Command

Back

Free Market

Front

Sarah's future job will be decided by the government. What type of economy is this? Options: Traditional, Free Market, Mixed, Command

Back

Command

Front

Sally works in a private company that has to follow government rules for public safety. Options: Free Market, Command, Mixed, Traditional

Back

Mixed

Front

Who or what answers the basic economic questions in a mixed economy?

Back

Individuals, Businesses, and Government

Front

Who or what answers the basic economic questions in a traditional economy?

Back

Custom

Front

What type of economy do most countries in the world have? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? Options: What goods and services will be produced?, What is the price of the goods?, Who is responsible for producing goods and services?, How will goods and services be distributed to customers?

Back

What is the price of the goods?

Front

Which of the following is the best example of a "What?" economic question?
- Should automobiles be produced using workers or robots?
- Should higher-income or lower-income people buy SUVs?
- Should we make faster microprocessors or pest-resistant corn?
- Should migrant workers or domestic workers be used to pick grapes?

Back

Should we make faster microprocessors or pest-resistant corn?