The Economic System

What is the primary characteristic of a command economy?

• Private ownership of businesses

• Governments control over economic decisions

• Free market competition

• Equal distribution of resources

Which economic system allows individuals to make their own economic decisions based on personal interests?

• Traditional economy

• Command economy

• Market economy

• Mixed economy

In a traditional economy, how are economic decisions typically made?

• By the government

• Based on market demand

• According to historical practices

• Through democratic processes

Economic systems refer to the way in which a society organizes its ___________ of goods and services.

• Production

• Distribution

• Consumption

• All of the above

Which of the following can be considered a type of the economic system?

• Traditional economy

• Command economy

• Market economy

• All of the above

Which countries still primarily operate under a command economy?

• United States and Canada

• China and North Korea

• Japan and Germany

• Australia and India

The Needs of economic systems can be ___________

• food

• water

• shelter

• All of the above

Which of the following can be considered wants of the economic systems?

• television

• a cell phone

• a car

• All of the above