Match each term with the correct item. Not all choices will be used.

Question

1. This is the term used to describe economic systems in which the basic economic questions are answered based on a socially, pre-established way.
2. This is an economic system characterized by a central authority which makes major economic decisions
3. This is an economy in which the government has little to say about what, how, and for whom goods are produced; the factors of production are privately owned
4. This is a free enterprise system with some government involvement.

A. Mixed Economy.
B. Economic System.
C. Traditional Economy.
D. Command Economy.
E. Market Economy.

Answer 1

1. C. Traditional Economy.
2. D. Command Economy.
3. E. Market Economy.
4. A. Mixed Economy.