SSW Week 7 Review

_____ is the main factor in a traditional enconomy.

• Manufacturing

• Agriculture

• Stocks

Two partners independently own a business that repairs bicycles. This is an example of what kind of economy?

• Traditional

• Command

• Capitalist

A __________ is an economy where the government places few restrictions on businesses.

• traditional system

• command system

• free-market system

Traditional economies rely heavily on __________ and __________ to meet the needs of citizens.

• farming and agriculture

• farming and manufacturing

• manufacturing and agriculture

• agriculture and services

A/An __________ __________ is something that is offered to people to help them make a decision about goods and services.

• economic system

• market system

• economic incentive

• market incentive

Someone who creates and funds a business on their own is called __________.

• a corporation

• an employee

• a worker

• an entrepreneur

In capitalism, the __________ determines which businesses are successful and make a profit.

• government

• market

• churches

• schools

Under capitalism, businesses must compete with one another for __________.

• producers

• consumers

• buyers

• sellers

When the government controls economic activity, it is called a _____ economy.

• traditional

• command

• free market

__________ is an economic system where businesses are owned by private companies or people.

• Traditionalism

• Capitalism

• Communism

• Specialization