Economic System

Front

On a scale of 1-5 how well do you understand Economic Systems

Back

1, 2, 3, 4, 5

Front

In this economy a central authority makes plans regarding investment and production.

Back

Command

Front

In this economy decisions on investment and allocation are made within the market.

Back

Market

Front

This economy is usually categorized as a form of socialism.

Back

Command

Front

This economy is usually rural and farm based.

Back

Traditional

Front

In this economy both the private sector and government direct the economy.

Back

Mixed

Front

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

Back

Traditional, Command, Mixed, & Market

Front

What are the 3 economic questions?

Back

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

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

Economic system in which basic economic decisions are made by a central authority.

Back

Command Economy