Economic Systems

Question 1

An economic system heavily influenced by habits, customs, and religious beliefs.

Accepted Answer

Traditional

Question 2

Considered synonomous with a Communist economy depending upon the degree of government control.

Accepted Answer

Command

Question 3

Privately owned factors of production (i.e. factories and machines).

Accepted Answer

Mixed, Market

Question 4

Government directly influences and vastly controls business practices.

Accepted Answer

Command

Question 5

An economic system that combines elements of all the other basic systems.

Accepted Answer

Mixed

Question 6

Individuals purchasing decisions determines the types of products and services offered.

Accepted Answer

Market, Mixed

Question 7

Characterized by very low unemployment rate.

Accepted Answer

<div>Command</div>

Question 8

Roles of individuals are static from generation to generation.

Accepted Answer

Traditional

Question 9

Minimal government involvement in business transactions.

Accepted Answer

Market

Question 10

Considered synonymous with a capitalistic economy.

Accepted Answer

Mixed, Market

Question 11

Prices are influenced by supply and demand.

Accepted Answer

Mixed, Market

Questions 11