Characteristics of Economic Systems

What is a characteristic of a command economy?

• Free market principles

• Private ownership of production

• Government control over economic decisions and resources

• Equal distribution of wealth

Which economic system involves state ownership of resources?

• Fascism

• Socialism

• Communism

• Capitalism

In which system is trade regulated by the government?

• Command economy

• Mixed economy

• Market economy

• Traditional economy

What type of economy has price control as a feature?

• Command economy

• Traditional economy

• Market economy

• Mixed economy

What is a characteristic of a free-market economy?

• Minimal government intervention

• Equal distribution of wealth

• Centralized planning

• High government intervention

Which economic system involves market-based allocation?

• Planned economy

• Traditional economy

• Command economy

• Market economy

In which system is private ownership of resources emphasized?

• Feudal system

• Communist system

• Capitalist system

• Socialist system

What type of economy promotes free trade?

• Planned economy

• Market economy

• Command economy

• Traditional economy

What mechanism determines prices in a free-market economy?

• Government intervention

• Historical trends

• Supply and demand

• Random chance

What is a key feature of state resource allocation?

• Allocation based on personal preferences

• Random distribution without consideration

• Distribution based on priorities and needs

• Equal distribution regardless of needs