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

• tradional

• 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 Rainforest 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.