Economic Systems Bell Ringer

Front

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. What type of economy does this scenario represent? Options: Market, Traditional, Mixed, Command

Back

Traditional

Front

Katia is an accountant in a government run business where she was placed after graduation. What type of economy does this represent? Options: Command, Traditional, Market, Mixed

Back

Command

Front

What type of economy is described where Mary Ann runs a car dealership selling only government produced cars and must give all of the money back to the government? Options: Traditional, Market, Mixed, Command

Back

Command

Front

What does Joe decide to do with his profits at the end of the month? Options: Command, Market, Traditional

Back

Market

Front

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

Back

Market

Front

In a country where jobs are 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. What type of economy does this scenario represent? Options: Market, Traditional, Command

Back

Market

Front

Sally works in a private company that has to follow government rules for public safety. What type of economy does this represent? Options: Market, Command, Mixed, Traditional

Back

Mixed

Front

Who or what answers the basic economic questions in a mixed economy? Options: Individuals and Businesses, Government, Custom, Individuals, Businesses, and Government

Back

Individuals, Businesses, and Government

Front

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

Back

Custom