Economic Geography Quiz Review

An economic system in which people choose freely what to buy and sell

• Market economy

• command economy

• traditional economy

A system that lets competition among businesses determine the price of products

• market economy

• command economy

• free enterprise

• traditional economy

An economic system in which businesses, industries, and resources are privately owned

• market system

• command system

• capitalism

• free enterprise

An economic system in which the government decides what to produce, where to make it, and what price to charge

• market system

• command system

• traditional system

• free enterprise

The total value of goods and services created within a country

• capitalism

• free enterprise

• gross national product

• market system

System of roads, ports, and other facilities needed by a modern economy

• capitalism

• developed economy

• infrastructure

• developing country

Countries with less productive economies, than prosperous countries and low standards of living

• developing countries

• developed countries

• command systems

• market systems

Countries with high standards of living, high GDPs, lots of industrialization

• developing countries

• developed countries

• market systems

• command systems

Something essential for survival

• want

• capital

• labor

• need

Something people desire but do not need for survival

• want

• need

• capital

• labor