free market economy, command economy or mixed economy/both
directions - please read the informational text below and choose the answer(s) that best describes a free market economy, a command economy, and/or a mixed economy (both).
there are three types of economic systems; free market, mixed and command. a free market economy is what we use in the united states. a free market economy is also known as capitalism. this economic system thrives on competition and it encourages hard work. the harder or smarter you work the more money you make, kind of like school, the more you study the higher your grades usually are. in a free market economy, the government is supposed to have as little involvement in business activity as possible.
at the opposite end of the spectrum is a command economy, also known as communism. in a perfect command economy the government would control everything and everyone would make the same amount of money. russia and china are known as communist countries. the government has almost total control of its citizens’ lives.
a mixed economy, also known as socialism, has some free market characteristics and some command economy characteristics. in other words, some of both. for example, in a mixed economy the government has some economic control but not total control. you can make an argument that every economy in the world has some socialism.
| | free market | command | both (mixed) |
| 1) which type of economic system do we use in the us? | | | |
| 2) which type of economic system encourages hard work and competition? | | | |
| 3) which economic system does everyone make the same amount of money? | | | |
| 4) which economic system does the government have total control over everything? | | | |
| 5) which economic system has some free market and some command characteristics? | | | |

Question

free market economy, command economy or mixed economy/both
directions - please read the informational text below and choose the answer(s) that best describes a free market economy, a command economy, and/or a mixed economy (both).
there are three types of economic systems; free market, mixed and command. a free market economy is what we use in the united states. a free market economy is also known as capitalism. this economic system thrives on competition and it encourages hard work. the harder or smarter you work the more money you make, kind of like school, the more you study the higher your grades usually are. in a free market economy, the government is supposed to have as little involvement in business activity as possible.
at the opposite end of the spectrum is a command economy, also known as communism. in a perfect command economy the government would control everything and everyone would make the same amount of money. russia and china are known as communist countries. the government has almost total control of its citizens’ lives.
a mixed economy, also known as socialism, has some free market characteristics and some command economy characteristics. in other words, some of both. for example, in a mixed economy the government has some economic control but not total control. you can make an argument that every economy in the world has some socialism.
| | free market | command | both (mixed) |
| 1) which type of economic system do we use in the us? |  |  |  |
| 2) which type of economic system encourages hard work and competition? |  |  |  |
| 3) which economic system does everyone make the same amount of money? |  |  |  |
| 4) which economic system does the government have total control over everything? |  |  |  |
| 5) which economic system has some free market and some command characteristics? |  |  |  |

Accepted Answer

# Brief Explanations:
1.  The text states the US uses a free market (capitalist) economy.
2.  The text notes free market economies thrive on competition and reward hard work.
3.  The text specifies a perfect command economy pays everyone the same amount.
4.  The text explains command economies have total government control over all economic activity.
5.  The text defines mixed economies as having both free market and command economy characteristics.

# Answer:
1) Free Market
2) Free Market
3) Command
4) Command
5) Both (mixed)

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Question

Explanation:

Answer:

	free market	command	both (mixed)
1) which type of economic system do we use in the us?
2) which type of economic system encourages hard work and competition?
3) which economic system does everyone make the same amount of money?
4) which economic system does the government have total control over everything?
5) which economic system has some free market and some command characteristics?