Economic Systems Flashcard

Front

An economic system based on the private ownership of businesses and the products made and sold is called a __________ economy.

Back

Market

Front

An economic system in which the government owns, controls, and regulates all aspects of production, trade, and income generated by the most valuable resources is called a __________ economy.

Back

Command

Front

An economic system that is based on tradition and most often found in underdeveloped regions is called a __________ economy.

Back

Traditional

Front

A market economy is driven by the economic principle of

Back

Supply and demand

Front

In which economic sector are raw materials harvested?

Back

Primary

Front

In which economic sector are raw materials turned into finished products?

Back

Secondary

Front

Which economic sector deals with knowledge and information? Options: Secondary, Primary, Tertiary, Quaternary

Back

Quaternary

Front

The monetary value of all goods and services produced in a country in a year is called

Back

Gross domestic product

Front

The interaction between the various countries of the world is called

Back

Globalization

Front

The reliance of one country on the resources, goods, or services of another country is called

Back

Interdependence