Economic Systems

Which of the following is an economic system in which economic decisions are made according to social roles & culture?

• Market economy
• Command economy
• Traditional economy
• Mixed economy

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

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

• Traditional 
• Market 
• Command 
• Centrally Planned 

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur
• Incentive
• Specialization
• Barter

This guy is called the father of economics and he literally wrote the book on capitalism

• Karl Marx

• Tom Brady

• Kanye West

• Adam Smith

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

_____________ are a positive incentive for entrepreneurs to start a business despite the risks.

• Pride

• Wealth

• Profits

• Being an employer

Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.

• Traditional to mixed

• Command to traditional

• Market to mixed

• Command to mixed

Which economy is dictated by supply and demand and the buyers and sellers (consumers and producers)?

• Market

• Socilaism

• Mixed

• Command

If I choose to be a fisherman for my town because my father was a fishermen, and my grandfather was a fisherman what economic system is this?

• Mixed

• Market

• Traditional

• Command