Studies Weekly, Week 7: Economic Systems

Creating a _____________ is crucial for a free market economy's success.

• Economic incentive

• Price system

• capitalism

• private property

______________ means businesses focus on creating certain types of products or providing specific services.

• specialization

• economic incentive

• private property

• market economy

_____________ between producers lowers product prices and creates more options for consumers.

• command economy

• traditional economy

• competition

• specialization

_________________ is the first fundamental component in a free market system. It influences everyone to care for the things we own.

• Private property

• capitalism

• Command economy

• competition

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

• Traditional Economy

• Market Economy

• Command Economy

• Capitalism

In a ______________ the government does not have direct control of resources.

• Traditional Economy

• Command Economy

• Market Economy

• Economic Incentive

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

• Price system

• competition

• economic incentive

• market economy

In some countries, the government controls economic activity. This system is called a _________________. The government determines what will be produced.

• Traditional economy

• command economy

• market economy

• capitalism

Some nations manage goods and services through a ______________. They are the oldest economic system in place.

• Traditional economy

• command economy

• market economy

• capitalism

An ____________ system is the way communities and governments organize resources, goods, and services.

• government

• ecological

• economic

• geologic