Economic Systems

Question 1

Economic system relies on cultural customs, history, ancestral practices, and time-honored beliefs

Accepted Answer

traditional

Question 2

An economic and political system that emphasizes economic equality, and collective or public ownership of production is:

Accepted Answer

socialism

Question 3

An economic system that is a blend of capitalism and socialism is a:

Accepted Answer

mixed economic system

Question 4

Economic system run by a dominant centralized authority that allocates the resources, decides who makes goods & services

Accepted Answer

centrally planned

Question 5

Economic system where production, wages, and prices are determined via the application of the law of supply and demand.

Accepted Answer

market economic system

Question 6

In order to meet the needs of its people, what question doesn't a society have to answer?

Accepted Answer

Why should it be produced?

Question 7

Governments use an economic ___ to make decisions about resources, production, & distribution of goods & service

Accepted Answer

system

Question 8

Economic system where companies are privately-owned, & companies are built with a purpose of creating economic value etc

Accepted Answer

capitalism

Question 9

Why is an economic system necessary?

Accepted Answer

scarcity and mutual dependence

Question 10

The four major types of economic systems in the world are centrally planned, mixed, traditional and what else?

Accepted Answer

market

Question 11

The reality that people’s wants always exceed the resources available to fulfill those wants is:

Accepted Answer

scarcity

Question 12

Communism and socialism are examples of a:

Accepted Answer

centrally planned economic system

Questions 12