Economic Systems

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market, Traditional, Command, Combined, & Market, Communism, Capitalism, Free Market, and Macroeconomics, Microeconomics, Macroeconomics, Individual, and Traditional.

Back

Traditional, Command, Mixed, & Market

Front

A command economy is when the government is in control.

Back

True

Front

Which economic system involves both the government and people in deciding how to use scarce resources?

Back

Mixed economy

Front

Which economic system makes decisions based on tradition & culture?

Back

Traditional economy

Front

What is an economic system where only the government makes the economic decisions?

Back

command economy

Front

What type of economy do most countries in the world have?

Back

Mixed economy

Front

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.

Back

Traditional

Front

The government gets to decide who gets what

Back

Command