2.03 Who's the Boss 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

Which of the following cultures has a traditional economic system:

• Amazon Rainforest communities

• Villages in the Rocky Mountains

• Rural areas in Denmark

• Cuban neighborhoods

Which two countries are market economic systems?

• Japan

• Sweden

• United States

• Cuba

• North Korea

The way in which an economic system answers the basic economic questions depends upon the country’s

• supply

• government

• demand

• products