Personal Finance Ch. 5

An economic system based on the private ownership of business and the products made and sold

• Market economy

• Command economy

• Traditional economy

• Mixed economy

An economic system in which the government owns, controls, and regulates all aspects of production, trade, and income generated by the most valuable resources.

• Market economy

• Command economy

• Traditional economy

• Mixed

An economic system that is based on tradition and most often found in underdeveloped regions.

• Market economy

• Command

• Traditional

• Mixed

A market economy is driven by this economic principle.

• The stock market

• Supply and demand

• Centralized control

• Regulation

In which economic sector are raw materials harvested?

• Secondary

• Primary

• Tertiary

• Quarternary

In which economic sector are raw materials turned into finished products.

• Secondary

• Primary

• Tertiary

• Quaternary

Which economic sector deals with knowledge and information.

• Secondary

• Primary

• Tertiary

• Quarternary

The monetary value of all goods and services produced in a country in a year is called.

• Gross domestic product

• Currency

• Supply and demand

• Industry product

The interaction between the various countries of the world.

• Friendship

• Interdependence

• Globalization

• Business

The reliance of one country on the resources, goods, or services of another country.

• Supply

• Interdependence

• Globalization

• Scarcity