Economic Systems

Front

A command economy is when the government makes all economic decisions.

Back

True

Front

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources? Options: Market economy, Command economy, Traditional economy, Mixed economy

Back

Mixed economy

Front

Which of the following is an economic system in which economic decisions are made according to tradition & culture? Market economy, Command economy, Traditional economy, Mixed economy

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/bartered for my goods. I have a _____ economy.

Back

Traditional

Front

The government decides what to make and how to make it

Back

Command

Front

Based on traditions

Back

Traditional