Types of Economic Systems - MidTopic

In my country I will likely do the same job my father did, and his father did, and his father's father did. What economic system do we follow?

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

In my country the prices are set by what the consumers will pay. What economic system do we have?

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

Supply and demand determine how much an item will cost

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

What economic system does North Korea?

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

Individuals can own businesses and the government regulates them as needed.

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

Economic decisions depend on customs, rituals, beliefs and values.

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

The system a country uses to allocate its limited resources answering the questions: WHAT will we produce?, HOW will we produce it?, and WHO will consume what is produced?

• Economic Trend
• Economic System
• Resource System
• Trend System

The study of how people meet their needs and wants with limited resources.

• Traditional
• Systems

• Economics

• Trending

Resources are

• how many pre-made products a country has
• how much debt a country has
• how many miles wide a country is for walking and bringing produce back and forth
• how much raw material and manpower is available to produce goods and services

Goods are....

• things that people want
• actions that people want completed (like getting a hair cut)
• Both A& B
• Neith A nor B