Economic Systems 1

What are the three basic questions that every economic system must answer?

• Who sells it?

• Who consumes it?

• Whats produced ?

• Hows it produced?

Businesses make economic decisions, but the government regulates them to make sure they're safe/fair

• Mixed

• Traditional

• Command

• Market

How do traditional economies exchange goods?

• bartering

• sets the prices of goods

• determines the wages of workers

• plans what will be made

What is the economic system of most communist countries?

• Command

• Traditional

• Market

• Mixed

In which economic system does the government have the most control?

• Traditional

• Command

• Mixed

• Market

Most democratic countries have which type of economic systems?

• Mixed

• Command

• Traditional

• Market

In which economic system do individuals do stuff based on customs & beliefs

• Command

• Market

• Mixed

• Traditional

How countries plan to use limited resources

• bartering

• free enterprise

• economic systems

• scarcity

Which economic system allows for the most individual freedom?

• Mixed

• Market

• Command

• Traditionl

Trading without money

• free enetrprise

• scarcity

• economics

• bartering