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.
A command economy is when the government is in control.
  • True
  • False
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
What type of economy do most countries in the world have?
  • Market economy
  • Command economy
  • Traditional economy
  • Mixed economy
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
The government has little to no role in the production of goods in this type of economy.
s-10 sb-9-Economic Systemsimg_no 156.jpg
  • Traditional
  • Mixed
  • Command
  • Market
I am a farmer in Africa, and have always traded for my goods. I have a _____ economy.
s-10 sb-9-Economic Systemsimg_no 157.jpg
  • Traditional
  • Command
  • Market
  • Mixed
The government gets to decide who gets what
  • Traditional
  • Command
  • Mixed
  • Market
Based on traditions
  • Command
  • Traditional
  • Market
  • Mixed
The goods produced will be the same, generation after generation
  • Mixed
  • Market
  • Command
  • Traditional
Businesses have freedom to produce whatever they think consumers will buy
  • Market
  • Command
  • Mixed
  • Traditional
Business FREEDOM
  • Command
  • Market
  • MIxed
  • Traditional
Bartering can be seen in which type of economy?
  • Command
  • Market
  • Mixed
  • Traditional
Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.
  • Command
  • Traditional
  • Market
  • Mixed
,In my country, the government tells me where to work.
  • Traditional
  • Command
  • Market
  • Mixed
In a command economy, who holds power over the economy?
  • The people
  • The government
  • Beyonce
  • The traditions of your ancesetors
An economic system in which people usually produce just what they need to survive.
  • Traditional
  • Command
  • Market
  • Mixed
An economic system is best described as:
  • A countries system of government
  • The way a country uses its scarce resources to satisfy the wants and needs of citizens
  • A countries legal system
  • The nervous system in the body
In a capitalist economy the factors of production (resources) are owned by who?
  • Government
  • Individuals/Businessnes
In a socialist economy, the factors of production (resources) are owned by who?
  • Government
  • Individuals/Businesses
Which economic system is best described here? An economy where production of goods and services is done to satisfy the wants and needs of a small community using traditional methods.
  • Planned Socialist
  • Market Capitalist
  • Subsistent/Traditional
  • Planned Capitalist
Which economic system is best described here? An economic system where the factors of production are owned by individuals and businesses. Goods and services are produced in the most efficient way possible with the aim of increase profit for the owners.
  • Planned Socialist
  • Market Capitalism
  • Subsistence/Tradition
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
Based on the passage, East Germany's government planned to transform its economy from: Click the magnifying glass for a better view.
s-9 sb-5-Economic Systemsimg_no 51.jpg
  • Traditional to mixed
  • Command to traditional
  • Market to mixed
  • Command to mixed
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
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
  • Pride
  • Wealth
  • Profits
  • Being an employer
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
  • Mixed
  • Market
  • Traditional
  • Command
For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.
  • competition
  • private property rights
  • voluntary exchange
  • consumer soverignty
Place where buyers and sellers meet to exchange goods and services for money
  • Market
  • Factor of production
  • Money
  • Interdependent
In the products market,
  • firms buy goods and services from households
  • firms sell goods and services to households
  • firms sell resources to households
  • firms buy resources from households
What does government provide with the revenue it takes in from taxes?
  • Headaches
  • Public goods and services
  • More Congressmen
  • Greater control of the media
Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.
  • Free Market
  • Traditional
  • Mixed
  • Command
Katia is an accountant in a government run business where she was placed after graduation.
  • Command
  • Traditional
  • Free Market
  • Mixed
Ted is working towards his dream of becoming a lawyer by working at a law firm as a legal clerk.
  • Free Market
  • Traditional
  • Command
Sarah would like to become a doctor when she grows up.  Unfortunately, she lives in a country where her job will be decided for her by the government.
  • Traditional
  • Free Market
  • Mixed
  • Command
Sally works in a private company that has to follow government rules for public safety.
  • Free Market
  • Command
  • Mixed
  • Traditional
Who or what answers the basic economic questions in a mixed economy?
  • Individuals and Businesses
  • Government
  • Custom
  • Individuals, Businesses, and Government
Who or what answers the basic economic questions in a traditional economy?
  • Individuals and Businesses
  • Government
  • Custom
  • Individuals, Businesses, and Government
Which of the following is NOT one of the three basic questions of economics when looking at economic systems? 
  • What goods and services will be produced?
  • What is the price of the goods? 
  • Who is responsible for producing goods and services?
  • How will goods and services be distributed to customers?
Of the three major economic questions, which of the following is the best example of a "What?" question? 
  • Should automobiles be produced using workers or robots? 
  • Should higher-income or lower-income people buy SUVs?
  • Should we make faster microprocessors or pest-resistant corn? 
  • Should migrant workers or domestic workers be used to pick grapes?
When Fresh Express Salads decides to mechanically pick all of its lettuce, it directly answers the ___ question. 
  • what
  • how
  • for whom
  • where
When the federal government decides to pay senators more than it pays soldiers, it answers the ____ question.
  • why
  • how
  • for whom
  • what
In my Native American tribe, we use the skin of the buffalo for teepees, the fur for blankets, the meat for food, and the bones for tools.
s-8 sb-1-Economic Systemsimg_no 8.jpg
  • Freedom
  • Efficiency
  • Growth
  • Security
My mom had to have surgery.  Luckily she won’t have to pay the medical bills since she went to the government-run hospital.  They even gave her the prescriptions at no cost.
s-8 sb-1-Economic Systemsimg_no 9.jpg
  • equity
  • security
  • freedom
  • efficiency
I’ve been at my job now for 10 years. I work really hard, and always do what I am told. They just hired a new guy and his desk is right next to mine. He is late all the time, he is sloppy at putting together the packets we make, and he makes the same about of money as me. It makes me so mad.
s-8 sb-1-Economic Systemsimg_no 10.jpg
  • efficiency
  • equity
  • growth
  • freedom
I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older.  I’ve wanted to be one since I was a little kid.
s-8 sb-1-Economic Systemsimg_no 11.jpg
  • security
  • equity
  • stability
  • freedom
Oil, natural gas, and coal
s-5 sb-5-Economic Systemsimg_no 1.jpg
  • human resources
  • natural resources
  • entrepreneurship
  • capital resources
If my government is selling me bread for $5 a loaf, and I have no choice but to buy that type of bread, I live in a _____ economy. 
s-5 sb-5-Economic Systemsimg_no 2.jpg
  • Traditional 
  • Market 
  • Command 
  • Mixed
I am a farmer in Africa, and have always traded for my goods.  I have a _____ economy. 
s-5 sb-5-Economic Systemsimg_no 3.jpg
  • Traditional 
  • Command 
  • Market
  • Mixed
The economic system of communist countries is most closely related to which of the following:
  • Command
  • Market
  • Traditional
  • Mixed
An economic system that allows individuals to start businesses, but still has government regulations is
  • Traditional
  • Market
  • Command
  • Mixed
Most democratic countries are...
  • Command economy
  • Market economy
  • Mixed economy
  • Traditional economy
Business (ran by private citizens) determine what goods/services are produced and how they will be made.
  • Command economy
  • Market economy
  • Mixed economy
  • Traditional economy
________ is the most basic or fundamental economic problem.
  • Scarcity
  • Labor
  • Greed
  • Capital
Abby was tired of working at a bank and decided to follow her love of baking. She got a loan and opened a cake shop that specializes in creating wedding cakes. Abby puts in long hours making amazing cakes, but she is happy because she is following her dream. Abby also has to make sure she is following government regulations about food safety. Abby has to wear gloves when working with food items and make sure foods that can spoil are always kept at cold temperatures. Abby joined a Bakers Association to help keep up with the rules around food service.What kind of economy is being used in Abby's society?
  • Market
  • Traditional
  • Command
  • Mixed
Supply and demand impact the __________ of an item or resource.
  • price
  • profit
  • surplus
  • scarcity
Import means
  • buying goods from another country
  • selling goods to another country
  • only making one kind of product
¿Qué le pasa a Lupita?
s-5 sb-5-Economic Systemsimg_no 4.jpg
  • No le gusta bailar
  • No sé
  • Nada
In a mixed economy, the government tries to help meet the needs of the public on a limited basis.
  • True
  • False
Government always plays the same role in any mixed economy.
  • True
  • False
In my Native American tribe, we use the skin of the buffalo for teepees, the fur for blankets, the meat for food, and the bones for tools.
s-7 sb-10-Economic Systemsimg_no 250.jpg
  • Freedom
  • Efficiency
  • Growth
  • Security
My mom had to have surgery.  Luckily she won’t have to pay the medical bills since she went to the government-run hospital.  They even gave her the prescriptions at no cost.
s-7 sb-10-Economic Systemsimg_no 251.jpg
  • equity
  • security
  • freedom
  • efficiency
I’ve been at my job now for 10 years. I work really hard, and always do what I am told. They just hired a new guy and his desk is right next to mine. He is late all the time, he is sloppy at putting together the packets we make, and he makes the same about of money as me. It makes me so mad.
s-7 sb-10-Economic Systemsimg_no 252.jpg
  • efficiency
  • equity
  • growth
  • freedom
I decided to attend a specialty high school that offered experience in fixing cars so I could be an auto mechanic when I get older.  I’ve wanted to be one since I was a little kid.
s-7 sb-10-Economic Systemsimg_no 253.jpg
  • security
  • equity
  • stability
  • freedom
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