Economic Systems

In a command economy, who holds power over the economy?

• the people

• beyoncé

• the government

• the tradition of your ancestors

Which economy is dictated by supply and demand and the buyers and sellers?

• market

• mixed

• socialism

• command

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional

• Market

• Command

• Centrally Planned

The four types of economic systems are:

• Traditional, Command, Mixed, & Market

• Communism, Capitalism, Free Market & Macroeconomics

• Traditional, Command, Combined, & Market

• Microeconomics, Macroeconomics, Individual, & Traditional

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

If I choose to produce fish for my town because my mom and dad were fishermen/women, what economic system is this?

• Mixed

• Market

• Traditional

• Command

In a traditional economy, information about the way goods are produced is passed from one generation to the next by the –

• family

• legal system

• public schools

• government

Which group has the greatest influence in determining what goods and services will be produced in a communist economic system?

• farmers

• government officials

• consumers

• business leaders

Which statement describes an aspect of a traditional economy?

• Profit motivates individuals to set up private businesses

• The interplay of supply and demand regulates prices

• Tradition and customs greatly influence economic decisions

• Government directs and controls the means of production