Government/Econ

Question 1

There is no involvement by the government, so people are largely left to conduct economic activities without influence. Example: Bhutan and Haiti

Answer 1

Traditional Economy

Question 2

Power is centralised either to the government or a sole ruler. The person with the power decides how economic interactions take place. Example: North Korea, Cuba, and Soviet Union

Answer 2

Command Economy

Question 3

Production is owned and controlled by private enterprise rather than the government. The government dictates what goods and services should be produced. Example: New Zealand, Australia, and Switzerland

Answer 3

Market Economy

Question 4

This is a mixture of capitalist and command economic systems. Some industries are controlled by the government while others are privately owned. But, with having both of the good things from each economy they also have a disadvantage from each economy. Example: US, Japan, and most of Europe.

Answer 4

Mixed Economy