What Economics System Am I?

“Our business faces direct competition. There are just so many other companies and new ones enter the market everyday. We spend a great deal of money on advertising to remind our customers how unique we really are.”

(a)  

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

“If there were a drought our economy would be hit the hardest due to the lack of technology we use in producing our goods.”

(a)  

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

“We know we charge a fair price, just look at our competitors. If they feel it is necessary to lower their prices, then we will too.”

(a)  

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

“We may be the only company in town, but the government regulates us, so consumers know they are getting a fair price.”

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

“I’d like to raise my price, but then no one would buy my product.”

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

“Even though there are many flavors of cereal, there are only three of us that produce it.”

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

“Sure, a lot of other companies make what we make, but our community feels that our customs are what is best for us, and only by products made with values in mind.”

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

“Even though our product is not very scarce, we (the government) are the only producers of it, therefore we can control the supply in the market.”

• Market Economy

• Mixed Economy

• Command Economy

• Traditional Economy

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Log in

Let me read it first