4 Economic Systems Vocab

Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.

• Free Market
• Traditional
• Mixed
• Command

Katia is an accountant in a government run business where she was placed after graduation.

• Command
• Traditional
• Free Market
• Mixed

Joe owns a shoe store.  At the end of the month Joe decides what to do with his profits.

• Command
• Free Market
• Traditional

Nike and Under Armour sell similar products.  This leads to a decrease in price and an increase in quality.

• Free Market
• Command
• Traditional

Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.

• Traditional
• Free Market
• Mixed
• Command

Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.

• Free Market
• Traditional
• Command

Sally works in a private company that has to follow government rules for public safety.

• Free Market
• Command
• Mixed
• Traditional

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a traditional economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

Who or what answers the basic economic questions in a command economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government