Economic Systems

What are the four types of economic systems mentioned in the image?

• A) Traditional, Command, Free Market, Mixed Market

• B) Traditional, Command, Socialist, Capitalist

• C) Traditional, Free Market, Socialist, Communist

• D) Command, Free Market, Socialist, Communist

Fill in the blank: The factors of Production are necessary to production, but how should they be ______?

Fill in the blank: The method each society chooses has a lot to do with that society’s ______.

Fill in the blank: The economic systems are Traditional, Command, Free Market, and ______.

Fill in the blank: The goal of 'Freedom' in economic systems is to achieve ______ from government intervention in production, jobs, and business.

What does 'Security and Predictability' ensure in economic systems?

• Innovation and growth

• Fair distribution of wealth

• Goods and services assured and safety net in case of economic disaster

• Making the most of resources.

What are 'Factor Payments'?

• Government programs that protect people

• Income people get for providing the factors of production

• Love of country

• Level of economic prosperity.

Fill in the blank: 'Safety Net' refers to government programs that protect people from the effects of economic ______.

What is the focus of production in traditional economies?

• Luxury goods

• Export goods

• Survival needs

• Technological products

What are the typical economic activities in traditional economies?

• Manufacturing and services

• Hunting and agriculture

• Technology and innovation

• Banking and finance