Economic Systems

Which of the following cultures has a traditional economic system

Amazon Rainforest communities

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

Cast economic votes

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy

Communist command

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy

Market

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

Participants

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

Poor quality products

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

Sweden

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

Taxes

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

Traditional

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

Traditional

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

What has always been produced.

Which of the following is a potential problem in market economies

Financial loss

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

Government

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

Government

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

Government and business

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

Has a limited supply of resources

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

Mixed/Market Economy

The most common medium of exchange in modern economic systems is

Money

A country that currently has a communist command economic system is

North Korea

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

Socialism