3 Types of Economic Systems

The government decides how to answer the key economic questions

Relies on customs, habits, or rituals

Offers the widest variety of goods and services

Most modern societies are this type

This economic system produces what people want to buy and sell

Revolves around family

How many economic questions are there?

Which economic system would be the worst for competition?

Economic decisions are based solely on individuals

What to produce? is an economic question

A market economy has _____ ownership of property and resources.

Also called a command system

Associated with communism and socialism

Also called  capitalism

A combination of all economies

The government provides services but the economy is mostly driven by individuals/business

How to produce? is an economic question

This economic system produces what people need to survive

This economic system produces goods by farming, hunting, and gathering

This economic system produces goods for themselves and their community/village 

This economic system produces whatever the government system decides

Which economic system is found in simple agricultural societies?

This economic system produces according to supply and demand

No true free market or traditional economy exists? 

This economic system produces however the government system decides

What is the most common economic system today?

This economic system produces for whom decided by class, reward, waiting in line

These societies stay relatively close and small

North Korea sits on this part of the economic continuum

This economic system produces goods as determined by how much a person can pay for it