Types of Economic Systems

Front

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

Back

competition as well as supply and demand

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?

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.

Front

What economic system would an indigenous group like the Native Americans most likely have?

Back

traditional economy

Front

What type of economic system is represented by Katia's government-run business? Options: Command, Traditional, Free Market, Mixed

Back

Command

Front

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy.

Back

Traditional 

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

Front

The economic system of communist countries is most closely related to which of the following: Command, Market, Traditional, Mixed?

Back

Command

Front

An economic system that allows individuals to start businesses, but still has government regulations is

Back

Mixed

Front

Most democratic countries today have which economic system?

Back

Mixed