The most common medium of exchange in modern economic systems is

One of the reasons that a country needs an economic system is because it

Which of the following types of economic systems adopts the fewest new ideas or improvements:

The government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy.

Government owns the basic means of production, but there is some private ownership of businesses under

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

An example of a country that has a socialist command economy is

Which of the following cultures has a traditional economic system:

A country that currently has a communist command economic system is

What type of economic system is used in the United States?

The way in which an economic system answers the basic economic questions depends upon the country’s

In a traditional economic system, the question of what to produce is answered by producing

In a communist command economy, who decides how the economic questions will be answered?

In a socialist economic system, who tends to answer the question of how products will be produced?

What action do consumers take that determines what will be produced in a market economy?

Lack of economic growth is a major problem for __________ economic systems.

Communist command economies are most likely to experience which of the following problems:

A major problem for individuals and private businesses in a socialist command economy is

Which of the following is a potential problem in market economies: