Economic Systems

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market, Traditional, Command, Combined, & Market, Communism, Capitalism, Free Market, and Macroeconomics, Microeconomics, Macroeconomics, Individual, and Traditional.

Back

Traditional, Command, Mixed, & Market

Front

Which economic system involves both government and people in deciding how to use scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which economic system makes decisions based on social roles & culture?
Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Traditional economy

Front

What is an economic system where only the government makes the economic decisions? Options: traditional economy, free enterprise, mixed economy, command economy

Back

command economy

Front

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

Back

Mixed economy

Front

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

What are the 3 economic questions?

Back

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

Front

Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?

Back

Market

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

In a command economy, who holds power over the economy?

Back

The government