Economic Systems Summary

Front

Which of the following best describes the economic activities in a traditional economy? High-tech industries, Service-based industries, Custom-based activities, Export-oriented industries

Back

Custom-based activities

Front

In a traditional economy, what is the primary reason for discouraging new ideas?

Back

Preservation of customs

Front

Which of the following is an example of a group living in a traditional economy?
Options: Urban residents of New York, Bushmen of the Kalahari Desert, Industrial workers in China, Farmers in the Midwest USA

Back

Bushmen of the Kalahari Desert

Front

What is the primary method of trade in a traditional economy?

Back

Barter system

Front

What do people freely do in a free enterprise system?

Back

Produce and buy what they want

Front

What is another name for the free enterprise system?

Back

Capitalism

Front

What is a characteristic of the free enterprise system?

Back

Little government interference

Front

Which of the following countries is NOT listed as an example of a free enterprise system? Japan, France, China, Canada

Back

China

Front

What is the role of government in a free enterprise system?

Back

To provide little interference

Front

Which of the following is a characteristic of a free market system? Government price setting, Little government interference, State-run businesses, Limited consumer choice

Back

Little government interference