Types of Economic Systems

Most countries in the world today are what type of economic system?

What type of economy does the United States have?

An economy based on custom where families produce enough for their own survival.

Which economy fairly stable, since people what their parents did, generation after generation?

You can own a business, but the government might control parts of it.

What type of economic system is based largely on agriculture and trading of goods and services?

The US government protects competition by allowing companies to do whatever they want. 

In a command economy, the Three Questions of economics are decided by

The rivalry among buyers and sellers for goods and services is known as ____________________.

What economic system is a combination of Market/Capitalist and Command/Communist economies?

In this type of economy, economic decisions are made by individuals.

Economy where most goods and services are offered by private companies.

According to the Law of Demand, as price goes up, demand will _______________________.

Economy where the government owns and offers all the goods and services and decides the cost.

What economic system is about freedom and choice to use money and resources however you want?

In a command economy, the government does not interfere with business.

Which best explains why traditional economies moved to market economies?

The United States is a mixed economy.

The most common type of economy in the world is ______________________.

"A way of deciding what to produce and how it is distributed" is the definition of ___________.