In a market economy, what most strongly affects the price and quality of goods and services?
Types of Economic Systems

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Social Studies
•
6th - 8th Grade
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Hard
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26 questions
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1.
FLASHCARD QUESTION
Front
Back
competition as well as supply and demand
2.
FLASHCARD QUESTION
Front
What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?
Back
What is produced, how is it produced, and for whom is it produced?
3.
FLASHCARD QUESTION
Front
Which of the following would reflect a country with a mixed economy? Options: Prices and wages are completely regulated by a country’s government., A combination of privately-owned industry and government control., A country’s distribution of resources is based on inheritance., Prices and wages are determined by the laws of supply and demand rather than being regulated by a country’s government.
Back
A combination of privately-owned industry and government control.
4.
FLASHCARD QUESTION
Front
What economic system would an indigenous group like the Native Americans most likely have?
Back
traditional economy
5.
FLASHCARD QUESTION
Front
What type of economic system is represented by Katia's government-run business? Options: Command, Traditional, Free Market, Mixed
Back
Command
6.
FLASHCARD QUESTION
Front
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
Back
Traditional
7.
FLASHCARD QUESTION
Front
What type of economic system is described where Mary Ann runs a car dealership selling only government produced cars and must give all of her earnings back to the government? Options: Traditional, Free Market, Mixed, Command
Back
Command
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