Economic System

Which is the way a society produces goods and services?

• Laissez faire

• Socialism

• Economic systems

• Marxism

Which is NOT one of the three main types of economic systems?

• Command

• Strong arm

• Market

• Traditional

Little to no freedom in selecting a career and workplace is a characteristic in which economic system?

• Communism

• Fascism

• Socialism

• Capitalism

Which is an advantage of communism?

• Lacks in meeting consumer needs

• Prevents people from making economic decisions

• Maintains medium governmental control

• Allows for large changes to be made quickly

Which is NOT a country with a traditional economy?

• Chad

• Ecuador

• Canada

• Bangladesh

A private enterprise systems permits which of the following to make economic decisions?

• Government

• States

• The republic

• Individuals

A private enterprise system does NOT do which of the following to motivate businesses to succeed?

• Promoting competition

• Providing citizens with a career and workplace

• Meeting the wants and needs of customers

• Encouraging profits

An entrepreneur does NOT do which of the following with the risks of a business or enterprise?

• Displaces

• Organizes

• Manages

• Assumes

Which began at the dawn of civilization?

• Agricultural economy

• Industrial economy

• Service economy

• Information economy

Which took over America in the late 1900s?

• Agricultural economy

• Industrial economy

• Service economy

• Information economy