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Quick Review - Types of Economic Systems Flashcards | StudBud
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Quick Review - Types of Economic Systems
Quick Review - Types of Economic Systems
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1
What type of economic system is totally controlled by the government?
Command Economy
Market Economy
Mixed Economy
Traditional Economy
2
When economic decisions are based on history, customs, and/or rituals
Traditional Economy
Command Economy
Market Economy
Mixed Economy
3
What economic system is about freedom and choice to use money and resources however you want?
Mixed Economy
Command Economy
Traditional Economy
Market Economy
4
What type of economic system is BEST represented in this image?
Market Economy
Mixed Economy
Command Economy
Traditional Economy
5
What type of economic system is based largely on agriculture and trading of goods and services?
Mixed Economy
Traditional Economy
Market Economy
Command Economy
6
What economic system is a combination of Market and Command economies?
Market Economy
Mixed Economy
Traditional Economy
Command Economy
7
What type of economic system is BEST represented by this image?
Mixed Economy
Market Economy
Traditional Economy
Command Economy
8
Which type of economy BEST attempts to distribute goods and services equally?
Command Economy
Mixed Economy
Market Economy
Traditional Economy
