Gr 8 Geo Quiz - Economic Systems

What is the definition of an

ECONOMIC SYSTEM?

• The management of large amounts of money, especially by governments or large companies

• An owner of shares in a company

• Means by which societies or governments organize resources, services, and goods across a country

• The action of engaging in trade

This economy is a system that the government of that society controls. Instead of the free market the government decides what goods and services will be produced.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

This type of economy is an economic system in which production and prices are determined by unrestricted competition between privately owned businesses

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

This economic system allows people to trade, however the government can interfere if needed

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

This economy is a system that relies on customs, history, and time-honored methods of production, for example: Fishing, Agriculture and Hunting.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

I come from North Korea, where the government runs 100% of the economy. They decide what to produce, when, and at which price.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

I come from France, where i can open my small coffee shop, decide for myself what to sell. But my government is still applying rules to follow.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

I come from Haiti, our economy is based on agriculture for the most part (bananas, cocoa, mangoes,etc.)

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

An __________ system is a system used by society to distribute and produce goods and services.

A _________ economy is an economic system combining private and public enterprise.

Example: U.S. and France.