Economy Types Quiz

The choices people make are determined by the environment.

Consumers have few, if any, choices in the market place.

Factories are solely concerned with quotas (production numbers that are set).

No competition.

Economic activities are centered on the family, tribe, or ethnic group.

Resources are handed out based on inheritance (passing down).

The government or other central authority makes all economic decisions.

The government (or central authority) sets all prices of goods and services.

Economic decisions are made by individuals who compete to make profits based on supply and demand.

The government and individuals share the economic decision making process.