Economic Systems

Master economic systems! Practice identifying traditional, market, command, and mixed economies.

Economies must address how to produce goods and services. In the economy of a certain country, some factories are owned by individuals and private companies, and other factories are owned and controlled by the government. Traditional Market Command Mixed Private companies increase production of the product to respond to high consumer demand for a product. Traditional Market Command Mixed U.S. government enforcement of environmental regulations helps reduce health problems related to environmental pollution created by private factories Traditional Market Command Mixed The government allows economic decisions to be made by the society’s traditions and customs. Traditional Market Command Mixed The government makes all decisions regarding the production and distribution of goods. Traditional Market Command Mixed Farmer produces crops of their choice to sell to others for profit. Traditional Market Command Mixed The government makes some production and distribution decisions, but other economic decisions are made by individuals. Traditional Market Command Mixed The government exercises no decision making in economic matters; production and distribution are determined solely by individuals. Traditional Market Command Mixed Farmers produce crops based on orders from the government. Traditional Market Command Mixed When the government controls all industries and decides what products will be produced and how many of each type of product will be produced. Traditional Market Command Mixed A business fails because it is unable to make a profit. Traditional Market Command Mixed Goods are produced using the same methods as in the past. Traditional Market Command Mixed The government decides to produce more tanks than televisions. Traditional Market Command Mixed A central planning government agency determines wages for factory workers. Traditional Market Command Mixed Farmers produce crops using old-fashioned methods. Traditional Market Command Mixed