Economic Systems

Front

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce? Options: Market, Mixed, Command, Traditional

Back

Command

Front

What type of economic system is based on customs and beliefs? Options: Market, Mixed, Traditional, command

Back

Traditional

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market

Back

Traditional, Command, Mixed, & Market

Front

In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?

Back

Traditional

Front

What type of economy does North Korea have, where a dictator makes all of the economic decisions? Options: Traditional, Market, Command, Centrally Planned

Back

Command

Front

What are the 3 economic questions?

Back

What to produce? How To Produce? For whom to produce?

Front

________ is the most basic or fundamental economic problem.

Back

Scarcity

Front

When someone or a business chooses to specialize or produce certain items.

Back

Specialization

Front

A person who comes up with a product or service, and finds the money and time to produce this new product.

Back

Entrepreneur

Front

What type of economy do most countries in the world have? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy