Economic Systems Guided Practice Directions: Place an "X" in the box under Traditional, Planned, Market, and/or Mixed to match the description with the economic system. YOU MAY CHECK OFF MORE THAN ONE BOX IN EACH ROW! CHECK AS MANY AS APPLY! TRADITIONAL PLANNED MARKET MIXED An economic system heavily influenced by habits, customs, and religious beliefs. Government directly influences and vastly controls business practices due to ownership of natural and capital resources. Privately owned factors of production (i.e., factories and machines). 2 monnos befir Prices are influenced by supply and demand. 2 An economic system that combines elements of all the other basic systems. Characterized by very low unemployment rate. Considered synonymous with a capitalistic economy. Individual freedom is limited (roles of individuals are static from generation to generation). Considered synonymous with either a communist or socialist economy, depending upon the degree of government control. Individual's purchasing decisions determines the types of products and services offered. 2 Minimal government involvement in business transactions 3