Section 3: Economic Systems

Nations with many industries and advanced technology

• consumers

• developing nations

• developed nations

• communism

people who buy and use products

• consumers

• developing nations

• producers

• communism

an economic system in which the central government owns factories, farms, and offices

• consumers

• producers

• communism

• developed nations

nations with few industries and simple technology

• consumers

• developing nations

• producers

• communism

owners and workers

• consumers

• developing nations

• producers

• communism

What have some countries done to reduce the cost of trade?

• increased cost of goods

• decreased sales in other countries

• formed trade alliances

• changed their economic system

The economic system of the United States may be called a mixed economy because_________

• it is neither communism or capitalism.

• both producers and consumers can invest in business.

• it is both developed and developing.

• both the government and private individuals own industries.

Many people in developing nations get their food by practicing____________

• subsistence farming.

• commercial farming.

• mechanized farming

• developing farming.