Scenarios

Economic systems or orders are a way in which different societies and governments organise and distribute all available resources, goods, and services throughout the region.

Select the most relevant economic system for each scenario provided.

• Command Economy
• Traditional Economy
• Mixed Economy
• Free Market Economy
• Socialist Economy

Questions

1. Jacob and Sara relocated to Hong Kong over the past year. They have recently learnt that the government of Hong Kong does not unnecessarily interfere with the economy and the prices of goods and services are determined by the consumer.
2. Shanae moved to Cuba to study Medicine she learnt that all the resources, like water, electricity, and education systems, are owned by the government.
3. While travelling to East Europe Noami learnt that the state controls the resources and determines what goods should be produced.
4. This economic system is based on customs, history and time-honoured beliefs and is currently being practised by Bhutan and Haiti
5. Nasir went to Iceland for a conference, he learned that they use an economic system that is both socialist and capitalist which protects private property and allows for a level of economic freedom.