Marketing Chapter 6.2 Questions

Which term refers to a system where economic decisions are made largely by the central government?

• Market economy

• Social democracy

• Traditional economy

• Command economy

What type of economy is characterized by customs, traditions, and beliefs of the community?

• Mixed economy

• Command economy

• Traditional economy

• Market economy

Which term describes an economic system that combines elements of both market and command economies?

• Social democracy

• Traditional economy

• Mixed economy

• Economic input

What is an economic system?

• A method to distribute goods and services without rules

• An organized way in which a state or nation allocates its resources to create goods and services

• A financial plan for a single business

• A set of laws governing international trade

What does economic input include?

• The profits from selling goods

• The resources used to make products

• The total amount of money a country has

• The services provided by the government

What is economic output?

• The amount of money a country owes

• The total number of businesses in a country

• All of the goods and services produced by an economic system during a specific time

• The resources imported from other countries

What is a traditional economy primarily characterized by?

• High levels of manufacturing and industrial activity

• Large urban populations with complex trade systems

• Citizens having just enough resources to survive, often with farm-based rural communities

• Advanced technology and service-based industries

In a traditional economy, how do most people acquire goods and services?

• Through a stock market exchange

• By using a centralized currency system

• Through trade or bartering

• By purchasing online

When did traditional economies mostly develop?

• In the late industrial era

• During the digital revolution

• Early in human history

• After the establishment of global trade

What is the current status of traditional economies in the world?

• They are the dominant economic system

• They are growing rapidly in number

• They are common in developed countries

• There are very few left