Economic System Practice

These items are not necessary for survival, but they have the great value to people. What is this called?

• Wants
• Needs
• Tickets
• Money

There are three basic economic systems in the world. What are they?

• Traditional, Command & Neutral
• Traditional, Communist & Market
• Traditional, Commission, & Market
• Traditional, Command, & Market

In a traditional economy if they do trade, they may or may not use money. They may use a __________ system in which they trade goods for other goods.

• Break
• Barter
• Exchange
• Shift

The basic materials that people cannot live without are called what?

• Wants
• Needs
• Tickets
• Money

Historically, many ____________ countries have tried to set up command economies.

• Socialist
• Monarchy
• Communist
• Democracy

In a traditional economy, economic decisions are based on customs a community has followed for how long?

• Years
• Months
• Decades
• Generations

What two countries still use a command economy?

• North Korea & Canada
• North Korea & Chad
• North Korea & Cuba
• North Korea & South Korea

A __________ economy is one in which economic decisions are made by individuals looking out for their own and their families’ best interests.

• Money
• Market
• Monarchy
• Mango

Companies also need to be free to ___________ with other companies.

• Compete
• Discuss
• Sell
• Meet

In a command economy who makes all the decisions?

• Government
• Citizens
• President
• Teachers