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