Economic Systems

Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 

• What goods and services will be produced?
• What is the price of the goods? 
• Who is responsible for producing goods and services?
• How will goods and services be distributed to customers?

An economic system heavily influenced by habits, customs, past practice, and/or beliefs

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

The government directly influences and controls business practices because it owns natural and capital resources

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Privately owned factors of production

(Households own ALL land, labor, capital)

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

An economic system that combines elements of all other systems

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Roles of individuals are static/unchanging from generation to generation

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

No government involvement/regulation of business transaction

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Considered synonymous with communist or socialist policy

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Tries to balance the control of a command economy with the freedom of the free market

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed

Individual freedom is suppressed, roles are determined by state planners/ government.

• Traditional

• Command/Centrally Planned

• Free Market

• Mixed