Things that are required for survival, such as food, clothing, and shelter are known as

Things we would like to have, things that improve our quality of life, such as entertainment and vacations.

Which of the following is NOT a characteristic of a Free Enterprise (Capitalist) system?

Which of the following is NOT a characteristic of a Command (Communist) Economy?

Which of the following is NOT a characteristic of a Traditional Economy?

Economic Activities level that is service oriented.

Economic Activities level that takes a resource and refines it into something else.

Economic Activities level that is based on extracting natural resources.

Economic Activities level that involves higher education and expertise.

Which 2 entities do we look for involvement in an economic system? (Choose 2)

As you move closer to a Free market economy, you should see an increase in _______________ involvement and a decrease in ______________ involvement.

As you move closer to a Command economy, you should see an increase in _______________ involvement and a decrease in ______________ involvement.

Farming enough for only yourself and family

Obtaining goods from an outside or foreign supplier

Operation of business on a global scale.

Traditions, customs, and beliefs shape the goods produced.

Basic physical and organizational structures for the operation of a society and its economy

Small scale manufacturing carried on in a person's home

A farmer owns 2 cows and sells the milk to buy a bull to make a herd is an example of:

A farmer has 2 cows, but the government takes one and gives it to his neighbor that had none is an example of:

The state owns all the cows, and provides enough milk for people to live on is an example of:

Farming for a profit, where food is produced by advanced technological means for sale in the market.

A good or service produced in the home country and sold in another country.

A good or service produced in the another country and bought for the home country.

The part of the economy that works with materials from the earth.

Which level of economic activity does the following example fall in: farming.

Which level of economic activity does the following example fall in: logging.

Which level of economic activity does the following example fall in: fishing.

Which level of economic activity does the following example fall in: ranching.

The part of the economy that deals with manufacturing.

Which level of economic activity does the following example fall in: textile (clothing) mill.

The part of the economy that deals with basic services.

Which level of economic activity does the following example fall in: retail.

Which level of economic activity does the following example fall in: teaching.

The part of the economy that deals with high-level information-based services that require high expertise in research and development.

Which level of economic activity does the following example fall in: cutting edge technologies and research.

Which level of economic activity does the following example fall in: aerospace engineering.