Economic Systems

Front

Which economic system is heavily influenced by habits, customs, and religious beliefs?

Back

Traditional

Front

If I live in a traditional economy, and my parents and grandparents were goat farmers, what is mostly likely my profession?

Back

Goat farmer

Front

What is the antiquated term used for developing nations?

Back

Third world countries

Front

In this economic system, government directly influences and vastly controls business practices due to ownership of natural and capital resources.

Back

Planned

Front

North Korea has which type of economic system? Options: Traditional, Planned, Market, Mixed

Back

Planned

Front

Communism and socialism are most likely related to which economic system? Options: Traditional, Planned, Market, Mixed

Back

Planned

Front

Who makes all the purchasing decisions in a market economy?

Back

consumers

Front

As consumers in a market economy, what is the most effective way to tell Walmart that we are not interested in fish-flavored gummy bears?

Back

We simply don't buy them.

Front

A mixed economy is a combination of characteristics between which 2 economic systems? Traditional & Planned, Planned & Market, Market & Traditional

Back

Planned & Market

Front

Which economic system allows for consumer choice with some government involvement? Options: Traditional, Planned, Market, Mixed

Back

Mixed