Economics Test Review

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China has a ______________________ economic system. A. Capitalism B. Communism C. Socialism D. Traditional

China has a ______________________ economic system. A. Capitalism B. Communism C. Socialism D. Traditional

A command economic system where the government sets the prices for goods and services is called A. Capitalism B. Communism C. Socialism D. Traditional

A command economic system where the government sets the prices for goods and services is called A. Capitalism B. Communism C. Socialism D. Traditional

A market economic system is also known as A. Capitalism B. Communism C. Socialism D. Traditional

A market economic system is also known as A. Capitalism B. Communism C. Socialism D. Traditional

An economic system in which people’s roles are the same as those of their parents and grandparents is called A. Capitalism B. Communism C. Socialism D. Traditional

An economic system in which people’s roles are the same as those of their parents and grandparents is called A. Capitalism B. Communism C. Socialism D. Traditional

An economic system in which a nation’s economic decisions are the result of individual decisions by buyers and sellers in the marketplace. A. Capitalism B. Communism C. Socialism D. Traditional

An economic system in which a nation’s economic decisions are the result of individual decisions by buyers and sellers in the marketplace. A. Capitalism B. Communism C. Socialism D. Traditional

Sweden has a ______________________ economic system. A. Capitalism B. Communism C. Socialism D. Traditional

Sweden has a ______________________ economic system. A. Capitalism B. Communism C. Socialism D. Traditional

When a government owns many of a nations major industries like airlines and electric companies, but allows individuals to own smaller businesses like factories, farms, and stores A. Capitalism B. Communism C. Socialism D. Traditional

When a government owns many of a nations major industries like airlines and electric companies, but allows individuals to own smaller businesses like factories, farms, and stores A. Capitalism B. Communism C. Socialism D. Traditional

A system in which almost all stores, factories, and farms in a nation are owned and operated by private individuals or businesses is called A. Capitalism B. Communism C. Socialism D. Traditional

A system in which almost all stores, factories, and farms in a nation are owned and operated by private individuals or businesses is called A. Capitalism B. Communism C. Socialism D. Traditional

Countries with this type of economic system can be found in parts of South America, Africa, and Asia. A. Capitalism B. Communism C. Socialism D. Traditional

Countries with this type of economic system can be found in parts of South America, Africa, and Asia. A. Capitalism B. Communism C. Socialism D. Traditional

A command economic system where the government owns and operates almost all of the nation’s means of production is called A. Capitalism B. Communism C. Socialism D. Traditional

A command economic system where the government owns and operates almost all of the nation’s means of production is called A. Capitalism B. Communism C. Socialism D. Traditional

The U.S. has a ______________________ economic system. A. Capitalism B. Communism C. Socialism D. Traditional

The U.S. has a ______________________ economic system. A. Capitalism B. Communism C. Socialism D. Traditional

This consists of tools, machines, materials, plans, and procedures that aid in the production of goods and services.

Technology

About ¾ of all Africans make a living this way.

Farming

This refers to the basic needs of human survival such as food and water.

Subsistence

This is the currency of many countries in the European Union

Euro

The total amount of all goods and services produced in a country in one year.

Gross Domestic Product

This is the buying and selling of goods and services

Commerce

These people can bring a lot of money to certain areas like France and Egypt.

Tourists

This means making goods such as automobiles, computers, clothing, and skateboards.

Manufacturing

The sale of products or goods in small amounts to people for their own use

Retail

This is the average amount of money made by people in a certain country.

Per Capita Income

The sale of goods in large quantities to retailers or dealers

Wholesale

In most cultures this is used to help in the exchange of goods

Currency

Learned behavior acquired by members of a social group

Culture

Carpet Maker Service Industrial Agricultural

Carpet Maker Service Industrial Agricultural

Cotton Farmer Service Industrial Agricultural

Cotton Farmer Service Industrial Agricultural

Tire maker Service Industrial Agricultural

Tire Maker Service Industrial Agricultural

Teacher Service Industrial Agricultural

Teacher Service Industrial Agricultural

Telephone Operator Service Industrial Agricultural

Telephone Operator Service Industrial Agricultural

Apple Grower Service Industrial Agricultural

Apple Grower Service Industrial Agricultural

Candle Maker Service Industrial Agricultural

Candle Maker Service Industrial Agricultural

Lawyer Service Industrial Agricultural

Lawyer Service Industrial Agricultural

Cattle Rancher Service Industrial Agricultural

Cattle Rancher Service Industrial Agricultural

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