Economy System Types

Question 1

Command Economy

Answer 1

relies on the government to make all economies decisions

Question 2

Market Economy

Answer 2

driven by consumers whose decisions determine how the industries and financial markets will operate

Question 3

Mixed Economy

Answer 3

utilizes limited government involvement while also applying free market concepts

Question 4

Traditional Economy

Answer 4

based on culture and rituals and is focused on the community as a whole