Economic Systems Review (Consumer)

This type of economic system revolves around family and traditions

• Command

• Traditional

• Market (Mixed)

The government decides what will be produced.

• Command

• Traditional

• Market (Mixed)

This economic system is the most flexible

• Command

• Traditional

• Market (Mixed)

The government has a role, but it is limited

• Command

• Traditional

• Market (Mixed)

Custom, ritual, or habit determines what is produced

• Command

• Traditional

• Market (Mixed)

Consumers are free to buy whatever they choose as long as they follow government regulations.

• Command

• Traditional

• Market (Mixed)

People have very little incentive to be efficient or innovative.

• Command

• Traditional

• Market (Mixed)

The most rigid and least responsive to change.

• Command

• Traditional

• Market (Mixed)

Communities typically have a low standard of living and lack modern conveniences

• Command

• Traditional

• Market (Mixed)

The U.S. and most other countries are examples of this type of economic system.

• Command

• Traditional

• Market (Mixed)