Economic Systems/Industries

Front

Jane wants to be a scientist, but her family have always been farmers, so she becomes a farmer. What type of economy does this scenario represent?

Back

Traditional

Front

Most modern economies today are ______ economies.

Back

mixed

Front

Economies try to answer these fundamental economic questions: What goods and services are to be produced? How are goods and services to be produced? For whom are goods and services to be produced?

Back

all of these

Front

In a ___________ economy, decisions about production and consumption are made by the government.

Back

command

Front

A _________ economy is an economic system in which economic decisions are left up to individual producers and consumers.

Back

Market

Front

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

Back

mixed

Front

The United States is an example of which type of economic system?

Back

Mixed economy

Front

In a free market economy, who owns the factors of production?

Back

Individuals and privately owned businesses

Front

Who owns the factors of production in a command economy?

Back

The government

Front

Venezuela – has largest oil reserves in the world. What Factor of Production does this represent?

Back

Natural Resource