Recognizing Economic Systems - CE 9b



Recognizing Economic Systems

Name: _______________________________________

For each statement determine the type of economic system being described. Write a C for a command economy, write FM for a free market economy, or write MX for a mixed economy.

1. An economic system in which individuals make economic decisions according to the principles of supply & demand is a ________ economy.

2. An economic system that includes both private ownership & government guidance & regulation and participation of individuals & government in decision making is a

________ economy.

3. In which economic system is there no competition? ________ economy.

4. In which system are prices determined only by the law of supply and demand?

________ economy.

5. In which system does the government regulate and guide the economy but it does not exercise total control? ________ economy.

6. An economic system in which the government controls the means of production and makes all economic decisions is a ________ economy.

7. An economic system in which decisions are made by individuals and businesses based on their own best interest is a ________ economy.

8. The majority of the largest economies in the world today are ________ economies.

9. The profit motive influences choices most strongly in a ________ economy.

10. In which economic system would government intervene to require safe products?

________ economy

11. In which economic system would private ownership of all resources and unlimited competition be found? ________ economy

12. Which economic system is the United States? ________ economy

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