7.01: Economic Systems

What is the definition of Manufacturing as mentioned in the learning material?

• The act of purchasing or acquiring a product.

• The process of getting a product to the consumer.

• Making a product from raw materials or other manufactured products.

• Items of value that can be bought, sold, or made.

Which of the following is an example of a good?

• A service provided by a plumber.

• A painting.

• A task done by an electrician.

• A haircut.

What role do consumers play in economic systems according to the material?

• They make goods available for sale.

• They buy or trade goods.

• They sell products directly to other consumers.

• They cut down trees to make lumber.

What is the definition of Distribution as it is used in the document?

• Making a product from raw materials.

• The act of purchasing or acquiring a product.

• The process of getting a product to the consumer.

• Items of value that can be bought, sold, or made.

What is a Market Economy primarily driven by?

• Government regulations

• Supply and demand with minimal government intervention

• Collective ownership of products

• Customs and local needs

Which economic system is characterized by government control over production and distribution?

• Market Economy

• Planned Economy

• Mixed Economy

• Traditional Economy

What is a characteristic of a Planned Economy?

• Economic freedom

• Prices determined by supply and demand

• Collective ownership of products and extensive government regulation

• System based on customs and local needs

Which of the following is an example of a Mixed Economy?

• Capitalism with some government regulations

• A system with no government intervention

• A system where the government controls all economic decisions

• An economy based solely on traditions

What is the basis of a Traditional Economy?

• Market principles and government intervention

• Supply and demand

• Customs, traditions, and local needs

• Collective ownership and extensive government regulation

What is the definition of Capital as mentioned in the learning material?

• Human effort used to produce goods or services.

• Abilities of individuals to perform labor.

• Money or goods with monetary value.

• Goods or services provided by the environment.