Economic Systems Review

The government makes ALL economic decisions.

• Mixed

• Market

• Command

• Traditional

If your parents were peanut farmers, then you would be a peanut farmer also.

• Mixed

• Command

• Traditional

• Market

Most democratic countries are this.

• Mixed

• Command

• Traditional

• Market

Cuba and North Korea are close to having this type of economic system.

• Mixed

• Command

• Traditional

• Market

Businesses (run by private citizens) determine what goods/services are produced and how they will be made.

• Mixed

• Command

• Traditional

• Market

The system where bartering is used.

• Mixed

• Command

• Traditional

• Market

Communist countries have systems close to this type.

• Mixed

• Command

• Traditional

• Market

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

• Mixed

• Command

• Traditional

• Market

Australia is close to this type.

• Mixed

• Command

• Traditional

• Market

A plan of how to utilize the limited resources a country has.

• Scarcity

• Bartering

• Economic System

• Free Enterprise