Which statement best describes an economic system?

Question

(1 point)
Responses

the method of production, resource use, and distribution of goods in a region
the method of production, resource use, and distribution of goods in a region

the network of relationships that exist between individuals and groups in a region
the network of relationships that exist between individuals and groups in a region

the way a region makes official government policies and decisions
the way a region makes official government policies and decisions

the process that people use in choosing goods and services
the process that people use in choosing goods and services
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What forces determine the distribution of goods in a traditional economy?
(1 point)
Responses

competition between businesses
competition between businesses

customs and beliefs of a group
customs and beliefs of a group

government decision-making
government decision-making

government and business policies
What is one way that socialist and communist economic systems are similar?
(1 point)
Responses

Both have public ownership of businesses.
Both have public ownership of businesses.

Both use traditions to determine production.
Both use traditions to determine production.

Both have competition between business.
Both have competition between business.

Both have little government regulation.
Which best describes the production of goods in a free enterprise economic system?
(1 point)
Responses

production based on traditional customs
production based on traditional customs

production based on government regulation
production based on government regulation

production based on decisions of cooperative groups
production based on decisions of cooperative groups

production based consumer spending
production based consumer spending
What type of economic system has free enterprise with strict government control?
(1 point)
Responses

traditional
traditional

market
market

command
command

mixed
Why are traditional economies sustainable?
(1 point)
Responses

They produce little waste.
They produce little waste.

They have specialized jobs.
They have specialized jobs.

They have a central authority.
They have a central authority.

They can meet their needs over time.
Which system has complete public ownership of the means of production?
(1 point)
Responses

free enterprise
free enterprise

market economies
market economies

communist economies
communist economies

mixed economies
How do socialist and communist economic systems differ?

(1 point)
Responses

the amount of natural resources
the amount of natural resources

the amount of government ownership
the amount of government ownership

the amount of factories
the amount of factories

the amount of government representatives
the amount of government representatives
What determines the distribution of goods and services in a communist economic system?
(1 point)
Responses

consumer spending
consumer spending

supply and demand
supply and demand

government planning
government planning

traditions and beliefs
True or False: The distribution of goods and services in socialist economic systems is determined by consumer spending.
(1 point)
Responses

true
true

false

Answer 1

1. Which statement best describes an economic system?

   • Response: the method of production, resource use, and distribution of goods in a region

2. What forces determine the distribution of goods in a traditional economy?

   • Response: customs and beliefs of a group

3. What is one way that socialist and communist economic systems are similar?

   • Response: Both have public ownership of businesses.

4. Which best describes the production of goods in a free enterprise economic system?

   • Response: production based consumer spending

5. What type of economic system has free enterprise with strict government control?

   • Response: mixed

6. Why are traditional economies sustainable?

   • Response: They produce little waste.

7. Which system has complete public ownership of the means of production?

   • Response: communist economies

8. How do socialist and communist economic systems differ?

   • Response: the amount of government ownership

9. What determines the distribution of goods and services in a communist economic system?

   • Response: government planning

10. True or False: The distribution of goods and services in socialist economic systems is determined by consumer spending.

    • Response: false