Economics Review

Which region is the MOST developed?

• Latin America & Caribbean
• Sub-Saharan Africa
• Western Europe
• Asia

"My family owns a large tire factory. We have 1,200 employees, and we sell our tires to retailers around the globe. We are able to set our own prices based on the supply of our materials and the demand from our customers. Because of the rising fuel costs, we might have to lay off about 100 employees."
What type of Economic System does this business represent?

• Traditional
• Free Market
• Communist

What level of economic activity does Country X have the most of?

• Primary
• Secondary
• Tertiary

Which type of economic system has the government owning all industries and setting all prices?

• Free Market
• Socialism
• Communism
• Traditional

What is the role of the government in a Socialist Economic System?

• Owns Major Industries to make things more fair.
• Own all businesses to create equality
• The government had little role

In a traditional economy, the way goods are produced and the jobs are learned from __________________.

• school
• university
• family
• on the job training

What is the main force that drives a free market economy?

• The government controls products and prices
• Supply and Demand- the producers and consumers determine what is produced
• Traditional methods control the economy

In Indonesia, the government owns large industries and sets some prices. However, private businesses are also encouraged and several hundred are actively traded on the Indonesian Stock Exchange. This country’s economy system can best be classified as —

• Free Market
• Communist
• Socialist
• Traditional

What type of farming is shown in this image?

• Commercial Farming
• Subsistence Farming

In what type of economy would you likely find cottage industries and subsistence farming?

• Free Market
• Socialist
• Traditional
• Communist