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Economic Systems Quiz

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1. What does a traditional economic system primarily rely on to determine what goods and services to produce?

2. What characteristic defines a command economy?

3. In which economic system are the means of production privately owned and operated for profit?

4. How are economic decisions made in a market economy?

5. What does a mixed economic system include elements of?

6. Which term refers to an economic system in which industries are owned and managed by the public or the state?

7. What is the main disadvantage of command economies?

8. Which is a feature of capitalist economies?

9. What is usually the role of government in a traditional economy?

10. Who usually determines the allocation of resources in a market economy?