economic systems

What groups make up the economy?

• Firms and individuals

• Producers and consumers

• Government, firms, individuals

• Buyers and sellers

What are the 3 main types of economies?

• Market, mixed, command

• Traditional, market, barter, and free trade

• Mixed, traditional, and market

• Command, barter, free trade

Who makes the economic decisions in a command economy?

• Firms

• Individuals

• Firms and government

• Government

Who makes the decisions in a market economy?

• Government and firms

• Government only

• Firms and individuals

• Only individuals

Who makes the decisions in a mixed economy?

• Government only

• Firms only

• Firms and individuals

• Firms, government and individuals

What are the 2 parts of our definition of “the economy”?

• Where trade happens

• Where we interact with firms and the government

• Where government makes regulations

• Where we engage with goods and services

What economic goals does a command system prioritize?

• Equity

• Full employment

• Economic freedom

• Sustainability

What economic goal does a market system prioritize?

• Equity

• Full employment

• Economic freedom

• Sustainability

Who owns the productive resources in a command economy?

• Government

• Firms

• Individuals

Who owns the productive resources in a market economy?

• Government

• Firms

• Individuals