Business Essentials Unit 2 Part 2 (2.03-2.05) Updated

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

• Technology

• Participants

• Substistence

• 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 improvement:

• 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 Demark

• Cuban neighborhoods

A country that currently has a communist command economic system is

• Japan

• Denmark

• North Korea

• India