Economic Systems and Concepts

What are the three economic questions every systems must answer?

• What to produce, How to produce, For whom to produce
• Where to produce

  When to Produce

  Why to produce

Who created the term Market Economy?

• Adam Smith
• Karl Marx
• Milton Friedman
• Lebron

Who holds all the power in a Command Economy?

• The People/Consumers

• The government

• Private Business’s

• Local Communities

What form of government is most commonly associated with Market Economy?

• Communism/Socialism

• Theocracy

• Kleptocracy

• Capitalism

Which form of government is most commonly associated with Command Economy?

• Capitalism

• Communism/Socialism

• Theocracy

• Kleptocracy

What Economic System does the United States Have?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

The Industrial Revolution naturally created what economic system?

• Command Economy

• Market Economy

• Traditional Economy

Private Property, Limited government, freedom of choice, is associated with what economic system?

• Command Economy

• Market Economy

• Traditional Economy