An economic system in which all or many of the means of production and distribution are owned and controlled by the government.

An economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.

The organized way in which a country handles its economic decisions and solves its economic problems.

A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well.

An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.

An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.

This question must be answered before making any other economic decisions.

After deciding what to produce, methods of production must be chosen. This involves determining which resources to use, which technologies to employ, and which production methods are most efficient. Which economic question is this statement referring to? 

Each system must decide who gets its goods and services. In some systems, price determines who gets what since income affects what the consumer can buy. In other systems, government rations products among citizens. Which economic question is this statement referring to? 

In this economic system:

What will be produced? Produce the same things that were produced by their ancestors.

How will products be produced? Use the same methods of production as their ancestors.

How will products be allocated? Use some of what they produce and share the rest with their community. Everything that is produced by the community is consumed by the community.

In this economic system:

What will be produced? Government owns the country’s resources and decides how those resources will be allocated.

How will products be produced? Since the government is the major producer in this  system, the government decides how to produce.

How will products be allocated? Government decides how to distribute products because it also decides what jobs workers do and what incomes workers receive.

In this economic system:

What will be produced? Planning is done by the government, but supply and demand are taken into consideration.

How will products be produced? Government decides how certain basic products are produced.

How will products be allocated? Consumers’ incomes determine what they can buy. People can choose what work they do, but wages are set according to the value of the work to society, as determined by the government.

In this economic system:

What will be produced? Consumers decide what will be produced by casting economic votes through their purchases.

How will products be produced? Producers use production methods that enable them to offer products at prices that are attractive to consumers.

How will products be allocated? Income determines who gets what. Each person’s income level determines what they can purchase.