Exploring Economic Systems and Labor Markets

What is the primary sector of the economy responsible for?

• Providing services rather than goods

• Transforming raw materials into manufactured goods

• Extracting raw materials from natural environments

• Regulating the stock market

Which revolution led to the development of permanent settlements and trade networks?

• Technological Revolution

• Industrial Revolution

• Information Revolution

• Agrarian Revolution

What was a major consequence of the industrial revolution?

• Decline in specialized skills

• Reduction in economic inequality

• Rise in standards of living and access to a variety of goods

• Decrease in population growth

What did labor unions in the late 19th century aim to improve?

• Government regulations

• Wages and working conditions

• Agricultural productivity

• Stock market performance

What is a key characteristic of capitalism?

• Collective ownership of production

• Focus on meeting everyone's basic needs

• Government regulation of all businesses

• Private ownership of natural resources and means of production

What is a market failure?

• When consumers regulate the market themselves

• When a company has no competition and can charge higher prices

• When the government regulates the market

• When a market allocates goods and services efficiently

Which countries modeled their economies on socialism?

• United States, Canada, and Mexico

• Cuba, North Korea, China, and the former USSR

• Germany, France, and Italy

• Japan, South Korea, and Taiwan

What has the information revolution shifted the economy towards?

• Manufacturing-based economy

• Agricultural work

• Mining and extraction of raw materials

• Service work and production of ideas

What percentage of jobs in the US are in the service industry?

• 85%

• 60%

• 95%

• 40%

What defines the primary labor market?

• Jobs in the agricultural sector

• Jobs with high incomes, job security, and benefits

• Jobs in the manufacturing sector

• Jobs with low incomes and no benefits