Main characteristics of a traditional economic system?
Economic Systems

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Social Studies
•
7th Grade
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
Back
Direct trade, no competition, relies on customs
2.
FLASHCARD QUESTION
Front
With which economic theory would Joseph Schumpter likely have agreed?
Options: socialism, traditionalism, capitalism, communism
Back
capitalism
3.
FLASHCARD QUESTION
Front
Economic Characteristics:
- The means of production are privately owned and operated for a private profit.
- The emphasis is on individual profit rather than on workers or society as a whole.
Back
market economy
4.
FLASHCARD QUESTION
Front
Which statement best describes a mixed economy?
- The government determines the production and distribution of goods and services.
- Some industries are owned by the state, and others are privately owned.
- The products that consumers demand determine what goods are produced.
- People produce the same goods, but in different amounts, every year.
Back
Some industries are owned by the state, and others are privately owned.
5.
FLASHCARD QUESTION
Front
In a traditional economic system, which type of goods is most often produced?
Options: agricultural products, heavy industrial machinery, military supplies, electronics and computers
Back
agricultural products
6.
FLASHCARD QUESTION
Front
Which economic enterprise would Adam Smith most favor?
Options: government-run railroad in Africa, medieval manor in Europe, commune in Communist China, privately owned factory in France
Back
privately owned factory in France
7.
FLASHCARD QUESTION
Front
An economic system in which the government owns most basic industries such as transportation, communications, banking. Nonbasic industries are privately owned.
Back
socialism
8.
FLASHCARD QUESTION
Front
An economic system in which people and privately owned companies own both basic and non-basic businesses and industries
Back
capitalism
9.
FLASHCARD QUESTION
Front
An economic system in which, in its pure form, all property such as farms, factories, homes are owned by the government for the benefit of all citizens. The central government essentially controls all aspects of citizens' lives.
Back
Communism
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