Comprehension Check

The study of how people make decisions in a world where wants are unlimited but resources are limited.

• Ecology

• Geography

• Economics

• Communism

Which of the following is NOT a characteristic of a Command (Communist) Economy?

• Private Ownership

• Quota driven

• Resources are owned by the Government

• Consumers have few choices

Which of the following is NOT a characteristic of a Traditional Economy?

• Based on customs and traditions

• Major use of technology

• Family Centered (Cottage Industry or Subsistence Farming)

• Farming, Hunting and Gathering centered

Economic Activities level that is service oriented.

• Primary

• Secondary

• Tertiary

• Quaternary

Economic Activities level that takes a resource and refines it into something else.

• Primary

• Secondary

• Tertiary

• Quaternary

Economic Activities level that is based on extracting natural resources.

• Primary

• Secondary

• Tertiary

• Quaternary

Economic Activities level that involves higher education and expertise.

• Primary

• Secondary

• Tertiary

• Quaternary

Which 2 entities do we look for involvement in an economic system? (Choose 2)

• Government

• Religion

• Regions

• People

As you move closer to a Free market economy, you should see an increase in _______________ involvement and a decrease in ______________ involvement.

• Government, People

• People, Government

• Government, Government

• People, People

As you move closer to a Command economy, you should see an increase in _______________ involvement and a decrease in ______________ involvement.

• Government, People

• People, Government

• Government, Government

• People, People