Economic systems

Economic systems focus on who has control of....

• natural resources

• means of production

• property

• none of these

Which of these is NOT an economic ideologies

• free market

• communism

• conservatism

• mixed

Which economic ideology focuses on what has always been done and meeting the needs of the immediate community

• command

• traditional

• mixed

• free market

Traditional economies focus on

• subsistence farming

• market economies

• tertiary activities

• stock markets

An example of a community using a traditional economy is...

• None

• US

• Malaysia

• Inuit

________ focuses on supply and demand without government interference

• Captialism

• Traditional

• Communism

• Free-market

An example of a country using Free-Market economies

• none

• Denmark

• Ghana

• Thailand

The main goal of Capitalism is a fair and open market

• True

• False

Capitalism supports

• the creation of wealth

• property is owned privately

• Supply and demand influences decisions

• individuals control the means of production

A key inhibitor of competition are

• unions

• government interventions

• monopolies

• high accumulation of wealth