Economic Systems REVIEW

Front

A command economy is when the government is in control.

Back

True

Front

What is an economic system where only the government makes the economic decisions?

Back

command economy

Front

What type of economy do most countries in the world have?

Back

Mixed economy

Front

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

The government gets to decide who gets what

Back

Command

Front

Businesses have freedom to produce whatever they think consumers will buy

Back

Market

Front

Business FREEDOM

Back

Free Enterprise

Front

In a command economy, who holds power over the economy?

Back

The government

Front

What are the three economic questions?

Back

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