Economics Review

In a ______________ economic system, customs and traditions determine what and how to produce

• traditional

• free enterprise

• command

• socialist

In a ______________ economic system, the government owns resources and controls production, prices, and wages

• traditional

• free market

• command

• socialist

What is Gross Domestic Product?

• Goods, services, and intermediate products bought by people in other countries.

• the total value of goods produced and services provided in a country during one year

• The amount of output the average worker can produce in an hour.

Type of economic system where there is no government control.

• Mixed
• Market
• Free Enterprise
• Command

In which type of economy does the government manage some businesses & industries? 

• Free Enterprise
• Communism
• Socialism
• Traditional

Which characteristics best describe less economically developed countries?

• Low Literacy Rate, Low GDP/Capita, No access to healthcare

• High Literacy Rate, High GDP/Capita, Low % below the poverty line, High Life Expectancy

• A government that 1 person is in complete control

• A country where only the wealthy have a vote.

Which type of economy allows past customs and family tradition to determine what to produce, how to produce it, and who gets it?

• Command Economy

• Market Economy

• Traditional Economy

Supply and demand determines how much an item costs.

• Traditional

• Communist

• Free Enterprise System

• Socialist

countries with strong economics and high quality life

• developed countries
• command economy
• market economy

countries with less productive economics  and a lower quality life 

• gross domestic product
• market economy
• developing countries