Module 5 Lesson 2 Review - Economic Systems

In which economic system is ALL property owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is ALL property owned by the government ("for the good of the country")?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

In which economic system is some property owned by the government and some is owned by individuals?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A ______________ economy is guided primarily by custom, habit, and ritual.

• Traditional

• Planned/command

• Mixed

• Free Market

A _____________ economy is completely determined and controlled by a central planning authority or the government

• Traditional

• Planned/Command

• Mixed

• Free Market

A 100% free market without government involvement doesn't really exist in the modern world.

• True

• False

The vast majority of the world's economies are mixed - they are market based economies with some extent of government involvement.

• True

• False

Businesses known as _______________________ make finished products from raw materials.

• manufacturing industries

• retail industries

• collective industries

• supply and demand

In a _______________________, few limits are placed on business activities.

• command economy

• free enterprise system

• traditional economy

• dictatorship

Countries with less productive economies and a lower quality of life are known as ________________.

• developed countries

• developing countries

• high end retail countries

• leader countries