Question

A _____ economy usually stresses the equality of all citizens. A ____ economy aims to be self-sufficient. A _____ economy relies more on bartering than money. In a _____ economy, private businesses are encouraged.

Answer 1

A social market economy usually stresses the equality of all citizens. A Laissez-faire economy aims to be self-sufficient. A Barter economy relies more on bartering than money. In a market economy, private businesses are encouraged.

Barter economies were the first to develop followed by the other types of economic systems.

Answer 2

1. command

2. closed

3. traditional

4. mixed market