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- Multiple ChoicePlease save your changes before editing any questions.The four types of economic systems are:Traditional, Command, Mixed, & MarketTraditional, Command, Combined, & MarketCommunism, Capitalism, Free Market, and MacroeconomicsMicroeconomics, Macroeconomics, Individual, and Traditional.
- Multiple ChoicePlease save your changes before editing any questions.
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
- Multiple ChoicePlease save your changes before editing any questions.
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
- Multiple ChoicePlease save your changes before editing any questions.
_____________ are a positive incentive for entrepreneurs to start a business despite the risks.
Pride
Wealth
Profits
Being an employer
- Multiple ChoicePlease save your changes before editing any questions.
In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.
Mixed
Market
Traditional
Command
- Multiple ChoicePlease save your changes before editing any questions.
An economic system in which individuals and businesses make decisions about what to produce.
Market economy
Mixed economy
Communism
Command economy
- Multiple ChoicePlease save your changes before editing any questions.
There are four types of economic systems. Most economies are _____.
Traditional
Command
Market
Mixed
- Multiple ChoicePlease save your changes before editing any questions.
With which term is a command economic system MOST closely associated?
Entrepreneurship
Economic Freedom
Perfect competition
Governmental regulation
- Multiple ChoicePlease save your changes before editing any questions.
Competition and profit motive are important characteristics of a:
command economy
traditional economy
market economy
socialist economy
- Multiple ChoicePlease save your changes before editing any questions.What type of economic system is based on customs and beliefs?MarketMixedTraditionalcommand
- Multiple ChoicePlease save your changes before editing any questions.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.TraditionalMarketCommandMixed
- Multiple ChoicePlease save your changes before editing any questions.In this type of economy, the individual decides who to sell their products to.TraditionalMixedMarketCommand
- Multiple ChoicePlease save your changes before editing any questions.
A _________ economy is a market-based system in which the government is involved to some extent.
Traditional
Planned/command
Mixed
Free Market
- Multiple ChoicePlease save your changes before editing any questions.Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather.Free MarketTraditionalMixedCommand