World Geography 2.2 Learning Check Review

Which type of economy is characterized by private ownership of resources and competition in the marketplace?

• market economy

• planned economy

• mixed economy

• command economy

In a free enterprise economy, who determines the prices of goods and services?

• Government

• Supply and demand

• Producers

• Consumers

Which type of economy is based on the principle of collective ownership and control of resources?

• socialist

• anarchist

• communist

• capitalist

In a socialist economy, who controls the means of production?

• The government

• The shareholders

• The workers

• The state or the community

Which type of economy relies on customs, traditions, and rituals to determine economic activities?

• traditional economy

• command economy

• market economy

• mixed economy

In a traditional economy, how are resources allocated?

• Through market forces of supply and demand.

• Based on government regulations.

• By individual preferences and choices.

• Based on customs, traditions, and cultural norms.

Which type of economy is characterized by government ownership and control of resources?

• command economy

• capitalist economy

• mixed economy

• market economy

In a command economy, who makes decisions about what to produce and how much to produce?

• Government or central authority

• Market forces

• Consumers

• Producers

Which economic sector involves the extraction and harvesting of natural resources?

• secondary sector

• tertiary sector

• quaternary sector

• primary sector

What is the primary focus of the secondary economic sector?

• Service industry

• Agriculture and farming

• Transportation and logistics

• Manufacturing and processing of raw materials into finished goods