5.1 Economic Systems

Front

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. Options: Free Market, Traditional, Mixed, Command

Back

Traditional

Front

Katia is an accountant in a government run business where she was placed after graduation. Options: Command, Traditional, Free Market, Mixed

Back

Command

Front

Mary Ann runs a car dealership selling only government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government. Options: Traditional, Free Market, Mixed, Command

Back

Command

Front

Joe owns a shoe store. At the end of the month, Joe decides what to do with his profits. Options: Command, Free Market, Traditional

Back

Free Market

Front

Nike and Under Armour sell similar products. This leads to a decrease in price and an increase in quality.

Back

Free Market

Front

Sarah's future job will be decided by the government. What type of economy is this? Options: Traditional, Free Market, Mixed, Command

Back

Command

Front

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk. Options: Free Market, Traditional, Command

Back

Free Market

Front

What type of economic system does Sally's company operate under, given it follows government rules for public safety? Options: Free Market, Command, Mixed, Traditional

Back

Mixed

Front

Who or what answers the basic economic questions in a mixed economy?

Back

Individuals, Businesses, and Government

Front

Who or what answers the basic economic questions in a traditional economy?

Back

Custom