Which 4 main sectors of the economy are identified by economists?

Primary sector, Secondary sector, Tertiary sector, Quaternary sector

What is a key characteristic of a market economy?

Supply and demand determine prices and production

What is the primary sector of the economy?

Extraction or production of raw materials from the Earth

What does the word economy mean?

A system for distributing goods and services among a group of people.

What is the main focus of the quaternary sector of the economy?

Offering knowledge-based services like research and technology

What does the embedded economy model emphasize?

The economy is part of society, which is part of the natural environment

What is the principal function of the economy in a society?

Create products and services to satisfy people’s needs and wants

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The Economy

9 termsStudBud Administration25 plays

Miguel Diaz, Federico Gil and Valeria Gomez

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Questions 9

Answers

1
Which 4 main sectors of the economy are identified by economists?
Production,Utilization, Distribution, Regulation
None of the above
Primary sector, Secondary sector, Tertiary sector, Quaternary sector
Agriculture, Industry, Commerce, Technology
2
What is a key characteristic of a market economy?
Traditions and customs dictate economic decisions
Supply and demand determine prices and production
The government sets prices for all goods and services
All industries are owned and operated by the state
3
What is the primary sector of the economy?
Extraction or production of raw materials from the Earth
Manufacturing and processing raw materials
Collecting, processing, and selling information
Selling services like education and healthcare
4
What does the word economy mean?
The act of saving your own money and reduce spending
All the money that a country or a person have
A company which distributes goods and services for just one person
A system for distributing goods and services among a group of people.
5
Which sector of the economy includes businesses that sell services like education, healthcare, and transportation?
Secondary sector
Tertiary sector
Quaternary sector
Primary sector
6
What is the main focus of the quaternary sector of the economy?
Offering knowledge-based services like research and technology
Transporting and selling goods
Providing raw materials like minerals and crops
Manufacturing physical goods
7
Which economic system is characterized by government control over resources and production?
Mixed economy
Command economy
Market economy
Traditional economy
8
What does the embedded economy model emphasize?
The economy is independent of human needs and wants
The economy is part of society, which is part of the natural environment
The economy is only driven by markets and businesses
The economy is separate from society and the environment
9
What is the principal function of the economy in a society?
Guide and teach the society how to save money
Count and distribute the money of a country
Control people’s taste and decide what to buy
Create products and services to satisfy people’s needs and wants

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