The 4 Types of Economies

An economy is ___________

• the level of technology a country has

• a system in which people produce, sell and buy things

• the way people govern themselves

Economic systems are divided into _______ and _______ of the people.

• wants

  needs

• have

  don't have

• like

  dislike

What are goods?

• objects we use

• objects that are exported from the U.S.

• items that are imported from another country

What is an act done for someone called?

• goods

• services

• economy

What is a system in which privately-owned businesses create goods and services?

• traditional economy

• Free market economy

• economy

In a free market economy, what determines prices?

• the stock market

• supply and demand

• the seasons

In a command economy who makes all economic decisions?

• the people

• the government

• the business owners

What countries have a command economy?

• China and the United States

• Japan and Russia

• China and Russia

What is a mixed economy?

• an economic system that combines free market and command economies

• an economic system that is a mixture of goods and services

• an economic system where people produce only what they need

What type of economic system does the United States of America have?

• free market

• mixed

• command