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?

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

A command economy is when the government is in control.

• True
• False

The method used to help make economic decisions.

• economic system

• developing

• market

• command

In this type of economy, the government makes the key decisions.

• traditional

• mixed

• command

• market

This word means the study of how people meet their wants and needs.

• economics

• opportunity cost

• resources

• market

In this type of economy, individuals and businesses make their own economic decisions based on supply and demand.

• market

• command

• mixed

• traditional

In this type of economy, economic decisions are based on customs and habits. Wants and needs are usually satisfied through hunting and farming.

• mixed

• traditional

• command

• market

Check the three questions that every economic system must answer.

• When to produce?

• How to produce?

• For whom to produce?

• What to produce?

• Where to produce?