Economic Systems

The way in which an economic system answers the basic economic questions depends upon the country’s

In a traditional economic system, the question of what to produce is answered by producing

In a communist command economy, who decides how the economic questions will be answered?

In a socialist economic system, who tends to answer the question of how products will be produced?

What action do consumers take that determines what will be produced in a market economy?

Lack of economic growth is a major problem for __________ economic systems.

Communist command economies are most likely to experience which of the following problems:

A major problem for individuals and private businesses in a socialist command economy is

Which of the following is a potential problem in market economies: