Business Essentials lesson 2.03 review

What action do consumers take that determines what will be produced in a market economy?

An example of a country that has a socialist command economy is

Which of the following is a potential problem in market economies:

A major problem for individuals and private businesses in a socialist command economy is

A country that currently has a communist command economic system is

One of the reasons that a country needs an economic system is because it

11. What type of economic system is used in the United States?

. In a communist command economy, who decides how the economic questions will be answered?

In a traditional economic system, the question of what to produce is answered by producing

Which of the following types of economic systems adopts the fewest new ideas and improvements:

The most common medium of exchange in modern economic systems is

Government owns some basic means of production, but there is private ownership of business under

People and businesses own the means of production and distribution with limited government regulation in this economy

In a socialist economic system, who tends to answer the question of how products will be produced?

Which of the following cultures has a traditional economic system:

Lack of economic growth is a major problem for __________ economic systems.

The way in which an economic system answers the basic economic questions depends upon the country’s

The government controls the economic system not allowing private ownership of the means of production and distribution

1. Which of the following items is found in all economic systems:

Communist command economies are most likely to experience which of the following problems: