Economic Systems Flashcard

An economic system based on the private ownership of businesses and the products made and sold is called a __________ economy.

An economic system in which the government owns, controls, and regulates all aspects of production, trade, and income generated by the most valuable resources is called a __________ economy.

An economic system that is based on tradition and most often found in underdeveloped regions is called a __________ economy.

A market economy is driven by the economic principle of

In which economic sector are raw materials harvested?

In which economic sector are raw materials turned into finished products?

Which economic sector deals with knowledge and information? Options: Secondary, Primary, Tertiary, Quaternary

The monetary value of all goods and services produced in a country in a year is called

The interaction between the various countries of the world is called

The reliance of one country on the resources, goods, or services of another country is called