types of economies

Which type of economic system bases its decisions on custom?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which type of economy has central ownership and lack of individual choice?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Which type of economy is controlled by the government?

• Command

• Market

• Mixed

• Democratic

Which type of economy is run by the businesses & business owners?

• Command

• Mixed

• Communist

• Market

Government owns resources and controls production, prices, and wages.

• traditional

• command

• market

• mixed

Individuals own most resources and determine what and how to produce.

• traditional

• command

• market

• mixed

Government regulates certain industries.

• traditional 
• command
• market
• mixed

What is a characteristics of a market economy?

• lack of choice
• individual choice
• competition
• central ownership of property

Which type of economy has central ownership and lack of individual choice?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economy is based on traditions and beliefs?

• Command
• Market
• Traditional
• Mixed