Economics- SOL 11.b,c-

There are four different major economic systems. They are called:

• Traditional Economy

• Command Economy

• Free Market Economy

• Mixed Economy

In this particular economy economic decisions are based on custom or tradition. People tend to do the same work their parents did.

• Mixed Economy

• Traditional Economy

• Free Market Economy

• Command Economy

In this type of economy, you'll find private ownership of property and resources, profit, competition, consumer sovereignty and individual choice. It is called__________________.

• Traditional Economy

• Mixed Economy

• Command Economy

• Free Market Economy

In this type of economy, there is central (governmental) ownership of property and resources, a lack of consumer choice, and a centrally-planned economy. It is called ____________________.

• Command Economy

• Traditional Economy

• Free Market Economy

• Mixed Economy

What is the most common type of economic system?

• Traditional Economy

• Mixed Economy

• Command Economy

• Free Market Economy

In this type of economic system the government's role is LESS than in a free market economy, but more than in a command economy. It is called __________________.

• Free Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

What kind of economy does the United States have?

• Free Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

Who makes economic decisions in the the United States?

• Businesses

• Individuals

• Government

• Teachers

What is the form of business called that has ONE owner who takes all the risks and enjoys all the profits?

• Corporation

• Partnership

• Sole Proprietorship

• Consumer

In this form of business organization, the business is authorized by law to act as a legal person. The business owners share the profits but are liable only for their investments. It is called a_________________.

• Corporation

• Proprietorship

• Partnership

• Resource