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Economic Systems
Economic Systems
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Economic Systems
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1
What forces play the greatest role in the distribution of goods and services in free enterprise
court rulings and expert opinions
village elders and community leaders
Producer supply and consumer demand
government officials and the military
2
Subsistence Farming =
The government decides which crops will be grown
Farmers raise just enough crops for their family
3
In which economic system would you expect wide selection of consumer goods?
Socialist
Traditional
Communist
Free Enterprise
4
Which is an example of humans adapting to their environment?
desalinization plant
political boundaries
command economies
5
In a traditional economy...
Large businesses are motivated by profit
Government directs and controls the means of production
Supply and demand regulate prices
Tradition and customs greatly influence economic decisions
6
Native groups, tribes, and clans would most likely be categorized as what type of economy?
Communist Economy
Market Economy
Free enterprise
Traditional Economy
7
The form of government in which the power is entrusted to the hands of a king and queen
Democracy
Monarchy
Oligarchy
Dictatorship
8
Beijing has lots of pollution because of all of the following EXCEPT-
Industry
Politics
Religion
Population
9
What major economic question(s) should every country answer?
Who will get the goods that we produce?
How should we produce it?
What should we produce?
All of the Above
10
Russia, Cuba, North Korea and Vietnam are all examples of which type of economy?
Communist(Command) Economy
Mixed Economy
Market Economy
Socialism
11
Who makes all of the economic decisions in a communist economic system?
Government Officials
Consumers
Farmers
Business Leaders
12
This is a NEGATIVE impact of the modern tractor
High labor maintenance costs
increased use of nonrenewable resources
Overpopulation of horses
inefficient new farming methods
13
The interaction of supply and demand, Profit Incentive, and Entrepreneurs are...
A socialist economic system
characteristics of a free enterprise economy
cottage industry
Types of economic systems
14
Because of its climate and soils, Columbia grows coffee beans. This is an example of...
Major urban centers along a river
Columbias physical geography determines its econ activity
Natural resources are more important than climate
15
This is a central characteristic of a free market economy
Businesses are driven by the desire for profit
All wage earners paid the same
The government bans all labor unions
Government owns means of production
