Economic Systems

My name is Heraldo Esterez. I have lived in Cuba all of my life. I wanted to become a teacher. However, I work for a large sugar producer that is owned by the government. The government decides when I work, where I work, and how much money I receive. What economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

My name is Curt Jones and I have always had a passion for delicious ice cream. I discovered a way to freeze ice cream into small dots. I patented the process for making ice cream and built a plant to make enough ice cream to sell it internationally. Which economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

My name is Mr. Jones and I have always had a passion for delicious ice cream. I discovered a way to make ice cream that formed tiny dots. I patented the process for making the ice cream and built a plant to make enough ice cream to sell internationally. I decided to build kiosks, carts to store and sell ice cream, to dealers nationally and internationally. The Kentucky Health Department told me that each kiosk that stays in Kentucky must have 3 sinks. The Health Department in California requires that all kiosks have 4 sinks. Which economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

I am a basket maker in India.  The people in my village make beautiful baskets.  My grandmother and my mother made baskets.  What type of economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

  My name is Whitney Smith.  I own a toy factory.  My employees use many sharp instruments to make the toys.  A federal agency called O.S.H.A. (Occupational Health and Safety Administration) visits my factory often to make sure my employees have the safe equipment to use.  Which economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

My name is Derek Jones.  I am an engineer.  My father and grandfather are engineers also.  Which economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

  My name is Morgan Taylor.  I went shopping for a new pair of jeans.  I refused to buy the jeans because they were too expensive.  Which economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

  My name is Madison Brown.  I worked for an ice cream company for many years.  I am now 65 years old and have health problems that prevent me from working.  I receive a Social Security check each month to help pay my expenses.  What economic system am I describing?

• Traditional Economy
• Free Market Economy
• Command Economy
• Mixed Economy

Which of the following is NOT a basic question of Economics?

• What will be produced?
• For whom will it be produced?
• What will be supplied?
• Who will produce it?

All of the following are characteristics of the US Economy except...

• Competition
• Private Property
• Profit
• Scarcity