ECONOMIC SYSTEMS DETECTIVE

DIRECTIONS: Determine whether each of the characteristics is a command economy, traditional economy, market economy, or mixed

economy. Write command, traditional, market, or mixed in the box.

Also called capitalist economies / Government and individuals share the responsibility of answering the economic questions.
No competition between businesses / North KoreaCuba are the closest to this economy that exist today
Government guides and regulates the production of goods and services offered / Business leaders and individuals answer the 3 economic questions
Businesses compete with each other to earn profits / Government set the price of goods and services
Customs, traditions, and social roles answer the 3 economic questions / There is little individual freedom
Technology is not used / Consumers have very few choices / limited variety
Profit motivates businesses to produce more not quotas / Men and women have different and distinct roles in the economy
Government determines your job / Laws of supply and demand guides decisions
Individuals or businesses own the “means of production” / The government answers the 3 economic questions
US and most western European nations are good examples of this economic system / Competition determines prices
Usually found in undeveloped countries in Africa, Asia, and South America / Factories are concerned with quotas not with making money
Individual freedom is considered very important / Most effective economy
Protects consumers and workers from unfair policies or unsafe products / Farming, hunting, gathering and traditional crafts are main economic activities

** There are NO pure market, command, or traditional economies; every country in the world has a mixed economy **

ECONOMIC SYSTEMS DETECTIVE KEY

DIRECTIONS: Determine whether each of the characteristics is a command economy, traditional economy, market economy, or mixed economy. Write command, traditional, market, or mixed in the box.

Market / Also called capitalist economies / Mixed / Government and individuals share the responsibility of answering the economic questions.
Command / No competition between businesses / Command / North KoreaCuba are the closest to this economy that exist today
Command / Government guides and regulates the production of goods and services offered / Market / Business leaders and individuals answer the 3 economic questions
Market / Businesses compete with each other to earn profits / Command / Government set the price of goods and services
Traditional / Customs, traditions, and social roles answer the 3 economic questions / Command / There is little individual freedom
Traditional / Technology is not used / Command / Consumers have very few choices / limited variety
Market / Profit motivates businesses to produce more not quotas / Traditional / Men and women have different and distinct roles in the economy
Command / Government determines your job / Market / Laws of supply and demand guides decisions
Market / Individuals or businesses own the “means of production” / Command / The government answers the 3 economic questions
Mixed / US and most western European nations are good examples of this economic system / Market / Competition determines prices
Traditional / Usually found in undeveloped countries in Africa, Asia, and South America / Command / Factories are concerned with quotas not with making money
Market / Individual freedom is considered very important / Mixed / Most effective economy
Mixed / Protects consumers and workers from unfair policies or unsafe products / Traditional / Farming, hunting, gathering and traditional crafts are main economic activities

** There are NO pure market, command, or traditional economies; every country in the world has a mixed economy **