Understanding Types of Economies

Which type of economy is primarily based on family production?

• Market economy

• Mixed economy

• Command economy

• Traditional economy

What is the primary characteristic of a Traditional economy?

• Market-driven policies

• Government control

• Corporate dominance

• Family-based production

Which country is an example of a Command economy?

• Canada

• North Korea

• United Kingdom

• United States

What is another name for a Market economy?

• Free enterprise

• State control

• Traditional system

• Regulated market

Which economy is known for following the supply and demand system?

• Command economy

• Mixed economy

• Traditional economy

• Market economy

What does Canada integrate from the Command economy?

• Bartering system

• Free enterprise

• State-owned land

• Private ownership

Which country is cited as an example of a Mixed economy?

• Mexico

• Canada

• Australia

• China

What aspect of the Traditional economy is growing in Canada?

• Industrial production

• Use of cryptocurrencies

• Bartering and growing own food

• Digital transactions

Which type of economy allows for both government and private ownership?

• Mixed economy

• Market economy

• Command economy

• Traditional economy