Economy Systems

Question 1

Traditional Economy

Answer 1

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

Question 2

Command Economy

Answer 2

relies on the government to make all economic decisions

Question 3

Market Economy

Answer 3

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

Question 4

Mixed Economy

Answer 4

utilizes limited government involvement while also applying free market concepts