Economics: UNIT 2 Review "Economic Systems"

How many major economic systems are there?

• 1
• 2
• 3
• 4

The organized way in which a society provides for the wants and needs of its people is called a _____. 

• political system
• economic system
• scientific system
• artistic system

Economic system in which the use of scarce resources and almost all economic activity comes from ritual, habit, or custom

• Market Economy
• Command Economy
• Traditional Economy
• mixed economy

Few pure _______ economies exist today

• mixed 
• command 
• market 

System where a central authority makes the major decisions about what, how, & for whom to produce

• traditional economy
• mixed economy
• market economy
• command economy

 A market is an arrangement that allows buyers and sellers to come together to exchange goods & services.

• true
• false

Which of the following items accurately describes a traditional economy?

• Government officials tend to favor themselves when making economic decisions
• Use of resources and economic activity, is based on ritual, habit, or custom
• •Lots of individual freedom
• •Economy of most countries in the world

Economy of most countries in the world

• mixed
• command
• traditional
• market

North Korea is an example of which of the following

• mixed economy
• market economy
• command economy
• traditional economy

The U.S. is described as a _____.

• mixed economy
• market economy
• command economy 
• traditional economy