5 Questions
In a planned economy, who decides what goods should be produced?
The government
In a free market system, how are economic decisions made?
Based on demand and supply
What is the primary factor in determining who should get goods in a planned economy?
Everyone as price isn’t a factor
What is the main focus in determining how goods should be produced in a free market system?
Efficient method
In a mixed economy, what is the role of the government?
Bridge the gap between planned and free market economies
Test your knowledge of economic systems with this quiz! Explore the differences between planned economies and free market economies, and understand the allocation of scarce resources to satisfy consumer wants. Delve into the decision-making processes and efficiency considerations in each economic system.
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