1. Match the economic system to the correct description. (One description for each economic type)
Command Economy Market Economy Mixed Economy
the economy in which the central government makes all basic economic decisions
an economy in which individual consumers and producers make all economic decisions
an economy that combines elements of traditional, market, and command economic systems
the economy in which the central government makes all basic economic decisions
an economy in which individual consumers and producers make all economic decisions
an economy that combines elements of traditional, market, and command economic systems
Command Economy - the economy in which the central government makes all basic economic decisions
Market Economy - an economy in which individual consumers and producers make all economic decisions
Mixed Economy - an economy that combines elements of traditional, market, and command economic systems
Command Economy: The economy in which the central government makes all basic economic decisions.
To match this economic system to the correct description, you would look for the description that mentions the central government making all basic economic decisions.
Market Economy: An economy in which individual consumers and producers make all economic decisions.
To match this economic system to the correct description, you would look for the description that mentions individual consumers and producers making all economic decisions.
Mixed Economy: An economy that combines elements of traditional, market, and command economic systems.
To match this economic system to the correct description, you would look for the description that mentions combining elements of traditional, market, and command economic systems.
By reading the descriptions and identifying the key characteristics of each economic system, you can match them to the correct descriptions.
Match the economic systems and their descriptions:
Command Economy:
- The economy in which the central government makes all basic economic decisions
Market Economy:
- An economy in which individual consumers and producers make all economic decisions
Mixed Economy:
- An economy that combines elements of traditional, market, and command economic systems