2.03 Business Essentials Review

Which of the following items is found in all economic systems:

• Technology

• Subsistence

• Participants

• Dollars

The most common medium of exchange in modern economic systems is

• barter

• credit

• capital

• money

One of the reasons that a country needs an economic system is because it

• is independent of other nations

• has a limited supply of resources

• has limited wants and needs

• has immigrants from several countries

Which of the following types of economic systems adopts the fewest new ideas

and improvements:

• communist command

• market

• socialist command

• traditional

In a ________ economy, the government controls the economic system and does not allow private ownership of the means of production and distribution.

• traditional

• socialist command

• market

• communist command

Government owns some basic means of production, but there is private ownership of

business under

• communism

• socialism

• capitalism

• entrepreneurship

In a ________ economy, individuals and businesses own the means of production and

distribution with limited government regulation.

• market

• socialist command

• traditional

• communist command

An example of a country that has a socialist command economy is

• Japan

• China

• Sweden

• North Korea

Which of the following cultures has a traditional economic system:

• Amazon Rainforest communities

• Rural areas in Denmark

• Villages in the Rocky Mountains

• Cuban neighborhoods

A country that currently has a communist command economic system is

• Japan

• North Korea

• Denmark

• India