Economic Systems

Which of the following items is found in all economic systems?

• Technology

• Participants

• Subsistence

• Dollars

The most common medium of exchange in modern economic systems is:

• barter.

• capital.

• credit.

• money.

One of the reasons that a country needs an economic system is because it:

• is independent of other nations.

• has limited wants and needs.

• has a limited supply of resources.

• has immigrants from several countries.

Which of the following types of economic systems adopts the fewest new ideas or improvements?

• Command

• Socialist Command

• Market

• Traditional

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy.

• traditional

• market

• socialist command

• communist command

Government owns the basic means of production, but there is some private ownership of businesses under:

• communism.

• capitalism.

• socialism.

• entrepreneurship.

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

• market

• traditional

• socialist

• communist

An example of a country that has a socialist command economy is:

• Japan

• Sweden.

• China.

• North Korea.

Which of the following cultures has a traditional economic system?

• Amazon Rain Forest Communities

• Villages in the Rocky Mountains

• Rural areas in Denmark

• The Republic of Cuba

A country that currently has a communist command economic system is:

• Japan.

• Denmark.

• North Korea.

• India.