types of economy

What are 2 Characteristics of a free enterprise economy?

• Private ownership of businesses

• Government controls distribution of goods and prices

• Consumers have choice because of competition

• Government controls production

What are 3 characteristics of a communism's economic system?

• Government controls industries and businesses

• Limited government involvement

• No private property

• Consumers have more choice

• Government controls production

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist

Is Pizza a good or service?

• service
• good

An industry that includes farming such as growing crops and raising livestock (animals)

• manufacturing

• retail

• agriculture

• service

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

Bike: Goods or Service? 

• Goods
• Service

Which type of economic system bases its decisions on custom?

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

What is a synonym for Free Enterprise?

• Mixed Economy

• Market Economy

• Command Economy

I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 

• Traditional 
• Command 
• Market
• Mixed