Economic Systems Review

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?
• What to produce? How to produce? When to produce?

What type of economy do most countries in the world have?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

Oil, natural gas, and coal

• human resources

• natural resources

• entrepreneurship

• capital resources

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

A _________ economy is a market-based system in which the government is involved to some extent.

• Traditional

• Planned/command

• Mixed

• Free Market

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a free market economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government