Economic Systems 2024/25

Front

Guess the economic system! In a place where money doesn't exist, some people hunt, others farm, and everyone's needs are met. Which economic system is this?

Back

Traditional

Front

Can you guess the economic system? In this system, individuals, rather than the state, own most of the resources.

Back

Market Economy

Front

Guess the economic system! Jose started his own auto repair business. He decides what to do with the profits. What economic system is this?

Back

Market

Front

What is the economic system where the government owns and distributes all the factors of production?

Back

Command Economy

Front

Who answers the basic economic questions in a traditional economy?

Back

Customs

Front

Who answers the basic economic questions in a command economy?

Back

The government

Front

Who answers the basic economic questions in a free market economy?

Back

Consumers & producers

Front

Who sets the prices for all goods and services in a world where the economy is controlled by a single entity?

Back

The central government

Front

Which of the following is not an advantage of traditional economies? Options: They're predictable. They answer the three economic questions clearly. People look out for each other, providing a sense of collective security.

Back

They adapt to the most efficient means of production.

Front

What's a key difference between command and market economies?

Back

In command economies, the government decides how to allocate resources