Economic Systems

Front

What are the four types of economic systems?

Back

Traditional, Command, Mixed, & Market

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

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy.

Back

Command

Front

In this type of economy, the individual decides who to sell their products to. Options: Traditional, Mixed, Market, Command

Back

Market

Front

I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.

Back

Traditional

Front

A _________ economy is a market-based system in which the government is involved to some extent.

Back

Mixed

Front

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce? Options: Market, Mixed, Command, Traditional

Back

Command

Front

A _____________ economy is completely determined and controlled by a central planning authority or the government.

Back

Planned/Command

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

_______ is another word for Market Economy.

Back

Capitalism