Types of Economy

Also called free enterprise.

• Communism

• Capitalism

• Socialism

an economic system combining private and public enterprise.

• Economics

• market equilibrium

• cost-benefit analysis

• Centrally Planned Market

• Mixed economy

Which type of economy is characterized by private ownership and the goal of profit?

• Communism

• Capitalism

• Socialism

• Feudalism

In which type of economy does the government control all major aspects of economic production?

• Capitalism

• Socialism

• Communism

• Feudalism

Which economic system is based on supply and demand with little or no government control?

• Mixed Economy

• Command Economy

• Market Economy

• Traditional Economy

What type of economy combines elements of both capitalism and socialism?

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

In a traditional economy, economic decisions are based on what?

• Government policies

• Market trends

• Customs and traditions

• Technological advancements

Which type of economy is most likely to be found in rural, non-industrialized areas?

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

What is a key characteristic of a command economy?

• Private ownership

• Consumer choice

• Government planning

• Market-driven prices

Which type of economy is also known as a planned economy?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy