Economic Systems Quick Check

Match the following

• traditional economy

• 3 questions are answered by the government

• command economy

• 3 questions are answered based on traditions and customs

• market economy

• a mix of command economy and market economy

• 3 basic questions

• What to produce? How to produce? For whom to produce?

• mixed economy

• 3 questions are answered based on supply and demand

In a traditional economy, the 3 basic economic questions are answered by ​ (a)   and values. This type of economy is often found in ​ (b)   societies that used the ​ (c)   system to trade goods without any money.

• traditional customs
• agricultural
• barter
• the government
• supply and demand

In a command economy, the 3 basic economic questions are answered by ​ (a)   . Businesses ​ (b)   able to decide what to produce or set the prices of goods.

• traditional customs
• the government
• supply and demand
• are not
• are

In a market economy, the 3 basic economic questions are answered by ​ (a)   . Businesses ​ (b)   able to decide what to produce or set the prices of goods.

• traditional customs
• the government
• supply and demand
• are not
• are

A mixed economy is a blend of which two economic systems? (Choose 2 answers!!)

• command

• traditional

• market

Match the following pictures to the factor of economic growth it is describing

• human capital

• 
• entrepreneur

• 
• natural resource

• 
• capital good

• 

Match the following factors of economic growth

• human capital

• a person doing a job, operating a machine, etc.

• entrepreneur

• a person who starts a new business

• capital good

• a machine that is used to drill for oil or to make cars

• natural resource

• the oil that is in the ground or trees on a forest

Match the following trade barriers

• quota

• a tax placed on goods brought into one country from another

• trade barrier

• a limit of the quantity of a good that can be imported

• tariff

• anything that restricts the amount of trade

• embargo

• a ban on trade with a specific nation or group of nations