Economic Systems

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

• Technology

• Participants

• Subsistence

• Dollars

The most common medium of exchange in modern economic systems is

• barter

• capital

• credit

• money

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

• is independent of other nations

• has limited wants and needs

• has a limited supply of resources

• has immigrants from several countries

Which of the following types of economic systems adopts the fewest new ideas and improvements:

• Communist command

• Socialist command

• Market

• Traditional

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

• traditional

• market

• socialist command

• communist command

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

• communism.

• capitalism

• socialism

• entrepreneurship

In a __________ economy, individuals and businesses own the means of production and distribution with limited government regulation.

• Market

• Traditional

• Socialist Command

• Communist Command

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

• Japan

• Sweden

• China

• North Korea

Which of the following cultures has a traditional economic system:

• Amazon Rainforest communities

• Villages in the Rocky Mountains

• Rural areas in Denmark

• Cuban neighborhoods

What type of economic system is used in the United States?

• Market

• Socialist command

• Traditional

• Communist command