Economic Systems Unit Test

What is a market economic system?

• No government control; all supply and demand

• Government control; all decisions made by the state

• Some government control; mix of private and public decisions

• Based on needs of village/culture

What is a command economic system?

• No government control; all supply and demand

• Government control; all economic decisions made by the government

• Some government control; mix of private and public decisions

• Based on needs of village/culture

Describe a mixed economic system.

• No government control; all supply and demand

• Government control; all economic decisions made by the government

• Some government control; mix of private and public decisions

• Based on needs of village/culture

What characterizes a traditional economic system?

• No government control; all supply and demand

• Government control; all economic decisions made by the government

• Some government control; mix of private and public decisions

• Based on needs of village/culture

Which type of resource is not created by humans?

• Natural

• Human

• Capital

• Technological

Who are considered human resources?

• Money and products

• People who work to make and sell products

• Natural elements like sun and soil

• Tools and machinery

What are capital resources?

• Natural elements like sun and soil

• People who work to make and sell products

• Money, products, and supplies used in production

• Cultural traditions and practices

What type of economic system do most countries have today?

• Market economy

• Command economy

• Mixed economy

• Traditional economy

Which economic system has the most government control?

• Market economy

• Command economy

• Mixed economy

• Traditional economy

Which two types of economic systems have the least government control?

• Market and traditional economies

• Command and mixed economies

• Mixed and traditional economies

• Market and command economies