Economic Systems, Vocab

What is the primary goal of an economic system?

• To provide a minimal standard of living or quality of life.
• To provide everything that everyone needs.
• To limit government interference in the classroom.

Unlimited wants and limited resources lead to

• scarcity
• a traditional economy
• traditions
• high demand

Economy in which life tends to be stable, predictable and continuous.

• Traditional
• Market
• Command

Sharing is a big part of this economic system.

• Traditional
• Market
• Command

Private property is illegal in this economic system

• Traditional
• Market
• Command

The government has very little interference with the economy in this economic system.

• Command
• Traditional
• Market

The Mbuti tribe of central Africa is an example of

• Traditional
• Market
• Command

Which economic system tends to discourage new ideas and technology?

• Command
• Traditional
• Market

Which economic system tends to begin with revolutions?

• Traditional
• Market
• Command

When supply and demand questions are answered by the consumer

• Traditional economy
• Market economy
• Command economy