Economic Systems

What is the primary role of the economy in a society?

• To organize sports events

• To manage only the country's currency

• To organize production, consumption, and trade of goods

• To provide entertainment

Which sector is primarily involved in extracting raw materials?

• Secondary sector

• Primary sector

• Quaternary sector

• Tertiary sector

What major change did the agrarian revolution bring about?

• Rise of nomadic lifestyles

• Decrease in agricultural production

• Development of trade networks and population growth

• Introduction of digital technology

What was a significant outcome of the industrial revolution?

• Lower standards of living

• Decrease in goods variety

• Reduction in factory numbers

• Increase in overall productivity and standards of living

What role do labor unions play in the economy?

• Decreasing product prices

• Improving wages and working conditions

• Reducing the number of industries

• Promoting private ownership

Which economic system emphasizes private ownership and competition?

• Communism

• Feudalism

• Socialism

• Capitalism

What is a key characteristic of socialism?

• Collective ownership of production means

• Private ownership of resources

• Unregulated market practices

• Emphasis on individual profit

What has the information revolution primarily shifted the economy towards?

• Solely technology-based companies

• Service work and idea production

• Manufacturing-based economy

• Agricultural-based economy

What trend is observed in union membership in recent times?

• Rapid growth in industrial sectors

• Stable across all job sectors

• Increase in all sectors

• Decline, especially in private sectors

How are jobs categorized in the modern economy?

• Based on social status and compensation

• Based on the type of goods produced

• Based on the sector of the economy

• Based on the geographical location