Economic Systems

Select all that apply. What are the three basic economic questions?

• What should be produced?

• How should it be produced?

• Why should it be produced?

• Who gets to consume it?

It is when individuals dictate the economy

• Command economy

• Traditional economy

• Mixed economy

• Market economy

It is when customs dictate the economy

• Mixed economy

• Market economy

• Command economy

• Traditional economy

It is when the government dictate the economy

• Traditional economy

• Command economy

• Market economy

• Mixed economy

It is when individuals in the market dictate the economy

• Market economy

• Command economy

• Mixed economy

• Traditional economy

One of the advantages of a traditional economy

• poverty

• innovative

• promotes strong social bonds

• creates national projects

One advantage of command economy

• little technology

• planning does not match reality

• innovative

• create large national projects

Select all that apply. Disadvantages of a command economy

• planning does not match reality

• innovative

• little technology

• does not meet people's needs

Select all that apply. advantages of market economy

• markets lead to equilibrium

• poverty

• innovative

• high quality

role of government in mixed economy

• regulate the market

• own the market

• reject the market