Unit 2 Review

Supply and demand

Government ownership

Population size alone

The primary sector

Government ownership of all property

Private or individual ownership of property

Government control of all production

Elimination of competition

It is part of the primary sector.

It is not part of the primary sector.

It is always part of the secondary sector.

It involves extracting raw materials.

Primary economic activities

Quaternary research activities

Advanced technology services

High-level financial services

Capitalism

A command economy

A free enterprise economy

A market economy

It combines features of different economic models.

It has no private property at all.

It allows supply and demand to control every decision.

It relies only on farming and mining.

Teaching and banking are tertiary activities, while scientific research is quaternary.

All three are primary activities because they involve work.

All three are secondary activities because they produce goods.

Teaching is secondary, banking is primary, and research is tertiary.

The described features are more consistent with a command or communist economy.

Capitalism always requires government control of all property.

Capitalism does not include individual choice.

The described features prove that the economy is in the quaternary sector.

Hinduism

Christianity

Judaism

Islam

Judaism

Buddhism

Hinduism

Islam