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Economic Systems
Economic Systems
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StudBud Administration
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Can you identify which economic system is being used based on the provided statement?
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Questions
10
Answers
1
Which economy: people are free to take part in any business, and buy or sell any product.
Traditional Economy
Market Economy
Command Economy
2
Which economy: information about the way that goods are made is passed through families.
Market Economy
Command Economy
Traditional Economy
3
Which economy: individual decision-making answer the basic economic questions.
Traditional Economy
Market Economy
Command Economy
4
Which economy: governments in Cuba and North Korea answer the fundamental economic questions.
Command Economy
Traditional Economy
Market Economy
5
Which economy: system would you find a wide variety of consumer goods?
Command Economy
Traditional Economy
Market Economy
6
Which economy: how goods are produced is determined by custom.
Market Economy
Command Economy
Traditional Economy
7
Which economy: producers determine the supply, and consumers determine the demand of products.
Command Economy
Market Economy
Traditional Economy
8
Which economy: the kind of goods produced are determined by time-honored methods.
Command Economy
Traditional Economy
Market Economy
9
Which economy: the government decides which resources will be used and how goods are made.
Command Economy
Market Economy
Traditional Economy
10
Which economy: decisions about what to produce are made by government planners.
Market Economy
Command Economy
Traditional Economy
