Lesson 2.1-2.5-ESPN Factors, Economic Systems&Sectors, Migration

In a free enterprise system production of goods & services is determined by ______ from consumers (______ ).

• demand, buyers

• supply, sellers

• cost, producers

• investment, investors

In a communist system production of goods & services is determined by a _______ gov't, which owns _______ production.

• Central, all

• Local, some

• Federal, none

• State, partial

A Socialist economy is_______ of Communism & Free Enterprise.

• Combination

• Separation

• Conflict

• Division

What type of economic system is the United States?

• Capitalist

• Marxist

• Mixed

• Traditional

What type of economic system is based on customs, beliefs, and history, with economic decisions based on how they were made in the past?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

No or limited government interference in industry.

• Capitalism
• Socialism

TRUE or FALSE: The American economy allows individuals to purchase what they want, work where they want, and change jobs when they want. 

• TRUE

• FALSE

What are economic sectors?

• Economic sectors are types of financial instruments.
• Economic sectors refer to government regulations on trade.
• Economic sectors are classifications of personal income levels.
• Economic sectors are divisions of the economy that categorize different types of economic activities.

How are economic sectors divided?

• Economic sectors are divided into primary, secondary, and tertiary sectors based on the work that is performed.

• Economic sectors are divided into urban, rural, and suburban sectors.
• Economic sectors are divided into financial, agricultural, and technological sectors.
• Economic sectors are divided into local, national, and international sectors.

What type of economic system is based on customs, beliefs, and history, with economic decisions based on how they were made in the past?

• Market economy

• Command economy

• Traditional economy

• Mixed economy