Economic Systems

Front

What are the three main types of economies?

Back

The three main types of economies are traditional, command, and market economies.

Front

What is the name of the economy that relies heavily on agriculture, as seen in Amish communities in the U.S.?

Back

Traditional economy

Front

Is Noah correct in stating that a type of economy where the prices of goods and services are determined by the free market, or supply and demand is called a Market economy?

Back

Yes, Noah is correct.

Front

Which type of economy allows for private ownership and competition? Options: Market economy, Communist economy, Socialist economy, Feudal economy

Back

Market economy

Front

What is the term for an economy that combines elements of both command and market economies?

Back

Mixed economy

Front

Imagine a scenario where Jackson, Zoe, and Evelyn are running a country with a mixed economy. Who would determine the allocation of resources in their country?

Back

In their mixed economy, the allocation of resources is determined by both the government and the market forces.

Front

Which type of economy is characterized by the highest level of government control? Options: Market economy, Mixed economy, Traditional economy, Command economy

Back

Command economy

Front

Which level of industry has to do with data/numbers/charts?

Back

Information Level

Front

A product is made in which level of industry? Options: Agriculture Level, Information Level, Manufacturing Level, Capital Resources

Back

Manufacturing Level

Front

A conveyer belt or hammer would be which type of resource?

Back

Capital