Factors of Production and Economic Systems

In which economic system is the protection of private property rights essential?

• Command

• Traditional

• Market

• Socialism

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

• Command

• Socialism

• Market

• Traditional

Which of the following best explains a mixed economy?

• Private ownership of the factors of production and regulation of businesses by government

• Market exchanges answer all three of the big economic questions

• Family customs and traditions determine what and how to produce a good

• Government answers all three of the big economic questions

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

• Mixed

• Market

• Traditional

• Command

Place where buyers and sellers meet to exchange goods and services for money

• Market
• Factor of production
• Money
• Interdependent

What is a Traditional Economy based on?

• Rules

• Customs & Traditions

• Supplies

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.

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

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

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

• traditional economy

• free enterprise

• mixed economy

• command economy