Types of Economic Systems QR Code Activity. In this type of economic system, the government decides...

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Types of Economic Systems

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This type of economic system is also known as a centrally planned system.

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This economic system revolves around family.

In this type of economic system, the government decides what will be produced.

This economic system is the most flexible.

In this economic system, the government has a role, but it is limited.

In this economic system, custom, ritual, or habit determines what is produced.

In this economic system, consumers are free to buy whatever they choose as long as they follow government regulations.

In this economic system, people have very little incentive to be efficient or innovative.

This economic system is the most rigid and least responsive to change.

In this economic system, the “invisible hand” guides the market.

In this economic system, communities typically have a low standard of living and lack modern conveniences.

This economic system is associated with Karl Marx.

The US and most other countries are examples of this type of economic system.

This economic system is associated with Adam Smith.

This economic system is particularly vulnerable to environmental disasters.

This economic system is also known as the free market.

In this economic system, production is based solely on supply and demand.

In this economic system, producers can produce according to supply and demand but must follow government regulations.

Consumers are free to buy whatever they choose in this economic system.

This economic system is often rural and farm-based.

In this economic system, the government will sometimes step in to make competition more fair.

In this economic system, there is no private property and very little freedom.

Consumers are only allowed to buy what the government allows in this economic system.

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