Economics- Final Exam Review

_______ is an economic system in which the laws of supply and demand determine the price of items

• Capitalism

• Communism

• Socialism

• Traditional

_______ is an economic system in which the government has limited (little) intervention

• Capitalism

• Communism

• Socialism

• Traditional

_______ is an economic system that trades handmade items instead of using money to buy things.

• Capitalism

• Communism

• Socialism

• Traditional

_______ is an economic system that relies on harvesting (farming) for families and villages

• Capitalism

• Communism

• Socialism

• Traditional

Total Government Influence on production (economy)

• Capitalism

• Communism

• Socialism

• Traditional

Profits are redistributed by the government

• Capitalism

• Communism

• Socialism

• Traditional

Organize these options into the right categories

Groups:

(a) Capitalism

,

(b) Communism

,

(c) Traditional

• Limited Government Interference

• relies on harvesting for families

• profits redistributed by government

• Supply & Demand

• Trade handmade items

• Total government influence on economy

Which economic sector takes the raw material (cotton, wood...) and turns it into finished products (shirts, furniture)?

• Primary

• Secondary

• Tertiary

• Quaternary

the purpose of EU and NAFTA is to-

• promote trade and reduce economic barriers

• oppose economic integration and promote immigration

• eliminate unemployment and immigration

• help refugees and governments

NATO was create to-

• maintain international peace and security

• help promote trade

• open barriers to countries

• help maintain the oil industry