20 questions
Which type of economy allows the government to determine what to produce, how to produce it, and who gets it?
Command Economy
Market Economy
Traditional Economy
Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?
Command Economy
Market Economy
Traditional Economy
Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.
Market Economy
Traditional Economy
Command Economy
Mixed Economy
Both businesses, consumers and the government influence how resources are used to make goods and services.
Market Economy
Traditional Economy
Command Economy
Mixed Economy
The economics continuum shows us –
The command economy’s level of power in government.
The amount of money each country produces in a year.
How much government or individual control is given in a country’s economic system
The total dollar amount of goods and services produced by a country in a single year.
Which economy on the left side of the economic continuum?
Mixed
Traditional
Pure Command
Pure Market
Which economy on the right side of the economic continuum?
Mixed
Traditional
Pure Command
Pure Market
Businesses and consumers have more input than the government in the economy
Mixed Command
Mixed Market
Traditional
Unitary
Which economy is the middle of the economic continuum?
Pure Market
Traditional
Pure Command
Mixed
If China is a 56 on the economic continuum, how would you describe their economy?
mixed-command
mixed-market
If North Korea is a 4 on the economic continuum, how would you describe their economy?
mixed-command
mixed-market
If the United States is a 75 on the economic continuum, how would you describe their economy?
mixed-command
mixed-market