Types of economies

Which is NOT a type of economy?

• Traditional

• Command

• Market

• Liberal

True or False: A Traditional Economy answers the 3 basic economic questions.

• True

• False

True and False: A Traditional economy allows people to choose an occupation they are best at..

• True

• False

A system in which society’s leaders make all economic decisions.

• Command Economies or Centrally planned economies

• Traditional economies

• Market economies

• Macro economics

An economic system in which the government owns some of all of the factors of production.

• Socialism

• Capitalism

• Free Market

• Liberalism

Similar to socialism but there is no political freedom and much more authoritarian

• Capitalism

• Communism

• Monarch

• Democracy

Believed all of history is a struggle between classes; founded Socialism and Communism

• Adam Smith

• Alexander Hamilton

• Karl Marx

• Milton Friedman

Command economies lead to bad decisions by planners and ___________ workers.

• motivated

• hard working

• rich

• unmotivated

Economic system based on private ownership of factors of production

• Socialism

• Capitalism

• Communism

• Traditional Economy

The term Laissez Faire means _________

• “Help when you can”

• "More government needed”

• “Leave things alone”

• “Live and let live”