WG10A DOL - Types of Economies

What are the 3 basic questions that every economic system must answer?

• What’s Produced, how’s it produces, who consumes it

• How will the government make it, who will buy it, who will sell it

• Who will sell it, who will own the company, who will import

• Who will import, who will export, who will buy

What are the 3 economic systems?

• Socialism, Communism, and Capitalism

• Dictatorship, Democracy, Theocracy

• Traditional, Market, Democracy

• Traditional, Market, Command

Which system allows for the most individual freedom?

• Socialism

• Market

• Command

• Traditional

Which system does the government have the most economic control?

• Monarchy

• Market

• Traditional

• Command

Which system is based on customs and beliefs?

• Theocracy

• Market

• Traditional

• Command

Russia is an example of which economic system?

• Dictatorship

• Market

• Traditional

• Command

Which economic system do most communist countries have?

• Command

• Traditional

• Market

• Dictatorship

How do traditional economies exchange goods?

• Money

• Pesos

• Bartering

• Euros

Most democracies have which type of economy?

• Mixed

• Traditional

• Command

• Market

What is the primary characteristic of a market economy?

• Government control of production

• Bartering for goods and services

• Supply and demand drive production

• Customs and beliefs dictate production