Economic Systems

Match it! Select the correct answer from the pull down...Good luck!

a tax on imports

In a _______________ economy, the customs and habits of the past are used to decide what and how goods will be produced, distributed, and consumed.

__________________ is the limited supply of something.

Countries limit trade by creating trade _____________.

Most of Europe operates in a _______________ economy.

In a decentralized _____________ economy, decisions are guided by changes in prices that occur between individual buyers and sellers in the marketplace.

Which of the following is NOT a question that should be answered when determining an economic system?

All economies are mixed.