Economic Systems

What is a key characteristic of a traditional economy?

• Government controls all businesses

• Bartering is commonly used

• High level of technological innovation

• Citizens have high individual freedom

In a command economy, who makes most of the economic decisions?

• International organizations

• The government

• Private companies

• Individual citizens

Which of the following is NOT a feature of a command economy?

• Private business ownership

• Guaranteed employment

• Government-regulated production

• Free services for citizens

What drives the economic decisions in a market economy?

• Government policies

• Supply and demand

• International trade agreements

• Cultural traditions

Which country is an example of a market economy?

• North Korea

• Cuba

• Iran

• United States