Economic Systems Around the World

What is an economic system?

• A way a country manages its resources and money

• A type of weather pattern

• A method for cooking food

• A style of art

What is included in an economic system?

• Rules for how people buy and sell things

• Instructions for playing a game

• Steps for planting a garden

• Guidelines for writing a story

What is the oldest type of economic system?

• Market Economic System

• Traditional Economic System

• Command Economic System

• Mixed Economic System

On what are traditional economic systems based?

• Technology and innovation

• Customs and traditions

• Government regulations

• International trade

In a traditional economic system, what do people typically do?

• Trade internationally

• Make what they need

• Invest in stocks

• Use digital currency

Which of the following is an example of a place where traditional economic systems are found?

• Urban areas in Europe

• Parts of Africa

• Major cities in North America

• Industrial regions in Australia

In traditional economics, how are jobs typically passed down?

• Through government assignments

• Families pass down jobs

• Random selection

• By using modern technology

Which country is an example of a command economic system?

• United States

• Germany

• North Korea

• Japan

What is the focus of a command economy?

• What the government wants

• What businesses want

• What consumers want

• What international markets want

What is another name for a Free Market Economic System?

• Socialism

• Communism

• Capitalism

• Feudalism