Economic Systems

Which of the 3 basic economic questions is being answered?:
Nike decides to use more robots on their assembly lines because it is more efficient than using workers.

• What will be produced?
• How will it be produced?
• For whom will it be produced?

Economic system where individuals (producers and consumers) answer the three basic economic questions:

• Market
  Market
  Market
• Command
• Traditional
• Mixed

Economic system where the government answers all three basic economic questions:

• Market
• Command
• Traditional
• Modern or Mixed

Economic system where tradition, customs, and values answer the three basic economic questions:

• Market
• Command
• Modern or Mixed
• Traditional

North Korea employs which kind of economy:

• Free Enterprise
• Traditional
• Command
• Capitalism

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 

• Traditional 
• Market 
• Command 
• Mixed

In the USA, people have _______ to work hard because we can make profits in our market economy!

• Scarcity
• Opportunity Costs
• Production Factors
• Incentives

Very few, or ZERO, completely pure or completely command economies currently exist.

• True
• False