Economic Systems Check

Which economic system is based on customs and traditions?

• Command

• Traditional

• Mixed

• Free Market

Who decides what to produce in a command economy?

• Individual consumers

• Family tradition

• The government

• Business owners

In a free market economy, what determines the price of goods?

• The government

• The military

• Supply and demand

• Religious leaders

Which economic system is most common in the modern world?

• Traditional

• Mixed

• Command

• Free Market

What is one characteristic of a traditional economy?

• Government controls all businesses

• People vote on what to produce

• Economic roles are passed down through families

• Prices change based on competition

The United States is best described as what type of economy?

• Pure free market

• Command

• Traditional

• Mixed

Which country is an example of a command economy today?

• Japan

• Germany

• North Korea

• Brazil

In which system do individuals have the most freedom to choose their jobs and start businesses?

• Command

• Free Market

• Traditional

• Tribal

How does a mixed economy answer the three economic questions?

• Only by government decisions

• Only by tradition

• A combination of government and private decisions

• By voting

What are the three basic economic questions?

• Who rules, who works, who eats

• What to produce, how to produce, for whom to produce

• What is money, what is work, what is trade

• Where to trade, when to sell, how to pay