Types of Economic Systems and Activities

How many types of economies exist in the world?

(a)  

A traditional economy mainly appears in ______countries.

• rich

• poor

• any country in the world

In a traditional economy, the goods and services are traded with other countries.

• true

• false

A traditional economy is also known as __________

• Subsistence economy

• market economy

• command economy

• mixed economy

A combination of all the types of economies

• subsistence economy

• mixed economy

• capitalist economy

• traditional economy

Here, the government takes control of the whole economy.

• mixed economy

• traditional economy

• command econmy

• capitalist economy

In this type of economy, the freedom of the individual in terms of choices of products, services and prices is given importance.

• subsistence economy

• command economy

• market economy

• mixed economy

The four types of economies in this world are

(a)  

When a person works with natural resources, it is called as ________

• primary activity

• secondary activity

• tertiary activity

• quaternary activity

When a person works with raw materials in order tp produce more expensive products, it is called as ________

• secondary activity

• primary activity

• tertiary activity

• quaternary activity