Types of Economic Systems Flashcard

Front

Which economic system is based on customs, traditions, and rituals?

Back

traditional economy

Front

In which economic system does the government have complete control over all of the resources?

Back

Command economy

Front

Which economic system allows individuals and businesses to make their own decisions regarding production and consumption?

Back

market economy

Front

Which economic system combines elements of both command and market systems?

Back

mixed economy

Front

In a traditional economic system, how are resources given out or allocated?

Back

Based on customs, traditions, and beliefs

Front

In a command economic system, who makes decisions about how resources are used or allocation?

Back

Government or central authority

Front

In a market economic system, how are prices determined?

Back

Prices are determined by the forces of supply and demand.

Front

In a mixed economic system, who makes decisions about resource used or allocation?

Back

Government and market forces

Front

Which economic system is most commonly found in modern countries?

Back

mixed economy

Front

Which economic system provides the most freedom for individuals and businesses? Options: socialism, capitalism, feudalism, communism

Back

capitalism