1. Economics Test Review

2. Print as Handouts Select 6 slides per page Fold lengthwise to use as flashcardsc

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

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

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

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

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

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

9. 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

10. 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

11. 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

12. 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

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

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

15. 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

16. 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

17. 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

18. 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

19. 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

20. 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

21. 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

22. 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

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

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

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

26. Technology

27. About ¾ of all Africans make a living this way.

28. Farming

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

30. Subsistence

31. This is the currency of many countries in the European Union

32. Euro

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

34. Gross Domestic Product

35. This is the buying and selling of goods and services

36. Commerce

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

38. Tourists

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

40. Manufacturing

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

42. Retail

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

44. Per Capita Income

45. The sale of goods in large quantities to retailers or dealers

46. Wholesale

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

48. Currency

49. Learned behavior acquired by members of a social group

50. Culture

51. Carpet Maker Service Industrial Agricultural

52. Carpet Maker Service Industrial Agricultural

53. Cotton Farmer Service Industrial Agricultural

54. Cotton Farmer Service Industrial Agricultural

55. Tire maker Service Industrial Agricultural

56. Tire Maker Service Industrial Agricultural

57. Teacher Service Industrial Agricultural

58. Teacher Service Industrial Agricultural

59. Telephone Operator Service Industrial Agricultural

60. Telephone Operator Service Industrial Agricultural

61. Apple Grower Service Industrial Agricultural

62. Apple Grower Service Industrial Agricultural

63. Candle Maker Service Industrial Agricultural

64. Candle Maker Service Industrial Agricultural

65. Lawyer Service Industrial Agricultural

66. Lawyer Service Industrial Agricultural

67. Cattle Rancher Service Industrial Agricultural

68. Cattle Rancher Service Industrial Agricultural

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