ECONOMIC SYSTEMS (12UNITY)

The exchange and trading of goods and services is what takes place in a:

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

The earlier method of allocating resources consisted of outdated patterns:

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Opposite of market economy:

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A government-controlled economy:

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Both capitalist and socialist economies are found in this economic system.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

No country has a complete free economy.

There will always be some government involvement

• TRUE

• FALSE

In a command economy the government decides what to produce, at what quantity

and what price.

• TRUE

• FALSE

All countries strictly use one economy.

• TRUE

• FALSE

Planned economy is a free market economy.

• TRUE

• FALSE

In some parts of the Philippines, traditional

economic system still permeates.

• TRUE

• FALSE