Economic Systems

The citizens of the United States live and work in a

Mixed Market Economy

What is prohibited in a command economy? CHECK ALL THAT APPLY

3,4

A command economy tends to exist under a

socialist government that provides a lot of regulation.

Which nation has a communist command economy?

North Korea

A mixed market economy tends to exist under a

democratic government that provides some regulation.

In a communist command economy, workers are employed by

the state.

What is one way a market economy affects the lives of private citizens?

Citizens can change jobs relatively easily.

Which statement best describes a command economy?

The government determines economic choices and makes most decisions.

Which nation has a socialist command economy?

Cuba

How does the government of a republic typically shape its economy?

The government allows citizens to own private businesses.

What restriction would the government impose in a closed economy?

The government would prohibit trade with other nations.

What is one way a command economy affects the lives of private citizens?

Citizens cannot make most economic decisions.

Which statement best describes a mixed market economy?

Producers and consumers make some economic choices while the government makes others?

The goal of a command economy is to

preserve traditional customs?

The goal of a market economy is to

promote free economic choices