Economic Systems Review

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

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

• Traditional

• Command

• Market

• Mixed

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism

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

• Traditional 
• Mixed
• Command 
• Market

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

_______ is another word for Market Economy. 

• Capitalism 
• Communism

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

• Traditional 
• Command 
• Market
• Mixed

In this type of economy, the government places control on businesses, but the individual decides what to make. 

• Mixed
• Market
• Command 
• Traditional

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

• Command

• Socialism

• Market

• Traditional