Economic Systems

Individuals/businesses own the means of production with limited government regulation

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

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

A country that currently has a communist command economic system is

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

Which of the following is a potential problem in market economies

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

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

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

Government controls the economic system and allows no private ownership

Government owns the means of production, but there is some private ownership of businesses

Which of the following items is found in all economic systems

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

The most common medium of exchange in modern economic systems is

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

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

Which of the following cultures has a traditional economic system

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 or improvements

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