Economic Systems Review

What is not a type of economic system?

• Mixed/Market

• Free Market

• Command

• Business

Which economic system is the most common?

• mixed/market

• command

• free market

• traditional

The type of economy a country has is based upon

• government involvement

• resources available

• product market

• consumer choice

A country needs an economic system to have a plan in place to use the limited

• resources

• consumers

• products

• markets

In a traditional economy, economic decisions are made based on

• historical precident

• supply and demand

• price and production

• consumer preference

Historical precedent is best described as

• what has been done in the past, by ancestors

• what will be done in the future, by members of society

Which best describes a command economy?

• The government determines what is bought and sold

• the consumers determine what is bought and sold

• the tribal community leader determines the roles of members

What kind of economic system would a small community in a 3rd world country have?

• traditional

• command

• mixed/market

• free market

Which economic system is based on customs and beliefs?

• traditional

• mixed/market

• command

• free market

Which type of economy has no consumer sovereignty?

• mixed/market

• free market

• command

• traditional