Four Types of Economic Systems
4 hours ago
heatherlawrence
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16 QuestionsShow answers
  • Question 1
    30 seconds
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    Q.

    When supply and demand decides what the market produces it is what type of economy?

    answer choices

    Market

    Command

    Mixed

    Traditional

  • Question 2
    30 seconds
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    Q.

    When private industry & government decides how something is produced it is what type of market?

    answer choices

    Traditional

    Mixed

    Command

    Market

  • Question 3
    30 seconds
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    Q.

    When the product is produced for the current generation it is what type of economy?

    answer choices

    Mixed

    Market

    Traditional

    Command

  • Question 4
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    Q.

    When the product is created for government it is what type of economic system?

    answer choices

    Traditional

    Mixed

    Market

    Command

  • Question 5
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    Q.

    One of the advantages of this economic system is that government regulations provide for safety and environmental concerns.

    answer choices

    Traditional

    Market

    Mixed

    Command

  • Question 6
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    Q.

    In this economic system, previous generations and traditions determine what and how things are produced.

    answer choices

    Markey

    Mixed

    Command

    Traditional

  • Question 7
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    Q.

    Disadvantages of this economic system are environmental damage & poor working conditions.

    answer choices

    Market

    Mixed

    Command

    Traditional

  • Question 8
    30 seconds
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    Q.

    Government decides who produces, how things are produced and who the product is for in this economy.

    answer choices

    Command

    Mixed

    Market

    Traditional

  • Question 9
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    Q.

    Advantages of this economic system are low levels of inequality in wealth and unemployment.

    answer choices

    Traditional

    Mixed

    Market

    Command

  • Question 10
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    Q.

    Disadvantages of this economic system is that goods and services are produced the same as they were generations ago and they are more impacted by environmental changes.

    answer choices

    Command

    Traditional

    Mixed

    Market

  • Question 11
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    Q.

    Among the advantages of this economic system are higher competition and freedom of choice.

    answer choices

    Command

    Market

    Mixed

    Traditional

  • Question 12
    30 seconds
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    Q.

    Disadvantages of this economic system are frequent shortages, lack of consumer choice, lack of competition and lack of efficiency.

    answer choices

    Traditional

    Market

    Mixed

    Command

  • Question 13
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    Q.

    Advantages of this economic system is that everyone is aware of resources & distribution, jobs, responsibilities are understood and there is less destruction to the environment.

    answer choices

    Command

    Mixed

    Market

    Traditional

  • Question 14
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    Q.

    A disadvantage of this economic system is that regulation and support are inconsistent and can slow economic growth.

    answer choices

    Mixed

    Command

    Market

    Traditional

  • Question 15
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    Q.

    In this type of economy, private industry alone decides how something is produced. The product is produced for the consumers.

    answer choices

    Traditional

    Market

    Mixed

    Command

  • Question 16
    30 seconds
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    Q.

    In this type of economy, the government and the market decide what is produced. The product is produced for the consumers.

    answer choices

    Mixed

    Market

    Command

    Traditional

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