4 Economic Systems Vocab

Front

Sam loves science and wants to be a doctor but is learning to make clay bricks like his family.

Back

Traditional

Front

Katia is an accountant in a government business.

Back

Command

Front

Joe owns a shoe store and decides what to do with his profits.

Back

Free Market

Front

Nike and Under Armour's competition lowers prices and boosts quality.

Back

Free Market

Front

Sarah wants to be a doctor but lives in a country where the government decides her job.

Back

Command

Front

Ted is pursuing his dream of becoming a lawyer by working as a legal clerk at a law firm.

Back

Free Market

Front

Sally works in a private company that follows government safety rules.

Back

Mixed

Front

Who answers basic economic questions in a mixed economy?

Back

Individuals, Businesses, and Government.

Front

Basic economic questions in a traditional economy are answered by:

Back

Custom

Front

Who answers basic economic questions in a command economy?

Back

Government