CE11b - Economic Systems

Different countries have different economic systems. We are going to talk about ___ economic systems.

• one

• two

• three

• four

Basic question of economics is what, how and for whom will goods and services be....

• consumed

• produced

• allocated (spread out)

• all of the above

One economic system deals with people performing the same type of work as their parents and grandparents. This is a _____ economy.

• free market

• traditional

• command

• mixed

In this economy, the govt is boss in the private sector and the govt is also dominant in the public sector.

• traditional

• free market

• mixed

• command

This nation's economy is a Command economy.

• Britain

• Chad

• North Korea

• Brazil

In a Command economy, all economic decisions are centrally planned. Centrally planned equals the ____.

• consumer

• individual

• govt

• wealthy

In this economy, the govt is dominant in the public sector while individuals and businesses control the private sector.

• Command

• Traditional

• Mixed

• Free Market

A pure Free Market economy has all the following elements EXCEPT:

• lack of consumer choice

• competition

• the profit motive

• private ownership of property/resources

There is more govt involvement in a ___ and less in a ____ economy

• mixed; command

• command; free market

• traditional; free market

• free market; traditional

Because the govt is involved in our economy at the public level, yet individuals have the ability to start their own businesses in the private sector, the US is more of a:

• mixed economy

• command economy

• free market economy

• traditional economy