An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.
Which Economy is It?

Quiz
•
Other
•
9th - 12th Grade
•
Medium
Alia Khan
Used 10+ times
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20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Market
Traditional
Planned/Command
2.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates.
Traditional
Market
Planned/Command
3.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
An economy in which changes in prices guide what and how goods and services will be produced, distributed, and consumed.
Market
Traditional
Planned/Command
4.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
An economic system in which decisions are all made on the basis of customs, beliefs, religion, and habits.
Market
Planned/Command
Traditional
5.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Sometimes called Free Enterprise which allows for private ownership of businesses and property.
Traditional
Planned/Command
Market
6.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The customs and habits of the past are used to decide what and how goods will be, distributed, and consumed. Within this system, each member of society knows in early life what her or his role will be because jobs are handed down from generation to generation.
Planned/Command
Market
Traditional
7.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
The government owns the means of production.
Planned/Command
Traditional
Market
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