Economic Systems

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market.

Back

Traditional, Command, Mixed, & Market

Front

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which of the following is an economic system in which economic decisions are made according to social roles & culture?
Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Traditional economy

Front

What is an economic system where only the government makes the economic decisions?

Back

command economy

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

What type of economy does North Korea have, where a dictator makes all of the economic decisions? Options: Traditional, Market, Command, Centrally Planned

Back

Command

Front

What are the 3 economic questions?

Back

What to produce? How To Produce? For whom to produce?

Front

Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?

Back

Market

Front

A person who comes up with a product or service, and finds the money and time to produce this new product.

Back

Entrepreneur

Front

In a command economy, who holds power over the economy?

Back

The government