Identify the three main types of economic systems.

Identification should include

  • market
  • command
  • traditional.

Process/Skill Questions:

  • What is the primary economic system in the United States?
  • What is the difference between centralized and decentralized economic decision making?
  • What are the essential roles of government in a market economy?
  • How does a government enforce property rights?
  • How does a government prevent concentration of economic power?
  • Who primarily determines how businesses are operated in a free-enterprise system?
  • What is the role of trade in agriculture?