Spiral 2 Review

A bulldozer is an example of...

• Labor

• Land

• Entrepreneur

• Capital

Your garbage man is an example of

• Labor

• Capital

• Entrepreneur

• Land

Elon Musk is an example of ...

• a land

• a laborer

• an entrepreneur

• a capital

Forests are examples of...

• Land/Natural Resources

• Entrepreneurs

• Labor

• Capital

The tribe relied on hunting and farming for food. The boy knew he would be a farmer just like his Dad had been. What kind of economic system does this describe?

• Market

• Command

• Traditional

• Mixed

In the former Soviet Union, consumers had to wait in long lines to buy everyday items like bread. They did not have many choices and the government controlled factories. In what type of economy did they live?

• Market

• Mixed

• Traditional

• Command

In a Command Economy, the government provides and controls the goods and services.

• True

• False

In China, 40% of the economy is based in state-run industries while 60% is based on the private sectors where producers and consumers make production decisions. What type of economy does this reflect?

• Mixed

• Command

• Traditional

• Market

this economy is run by individuals. The decisions for the economy are made by individuals competing to earn profits based on the supply and demand of resources. The resources in this economy are owned by the individuals. (*this is also known as a "Capitalist" economy)

• traditional

• command

• market

• mixed

____________ directly involves with natural resources.

• Primary

• Secondary

• Tertiary