Which statement best describes a economic system
4 answers
A economic system is a set of rules and institutions that determine how resources are produced, distributed, and consumed in a given society.
People and Places: Economic Systems (Unit 1, lesson 2)
1. Which statement best describes an economic system?
A: The method of production, recourses use, and distribution of goods in a region
2. What forces determine the distribution of goods in a traditional economy?
B: Customs and beliefs of a group
3. What is one way that socialist and communist economic systems are similar?
A: Both have public ownership of businesses
4. Which best describes the production of goods in a free economic system?
D: Production based on consumer spending
5. What type of system has free enterprise with strict government control?
D: Mixed
6. Why are traditional economies sustainable?
D: They can meet their needs over time
7. Which system has complete public ownership of the means of production?
C: Communist economies
8. How do socialist and communist economic systems differ?
B: The amount of government ownership
9. What determines the distribution of goods and services in a communist economic system?
C: Government planning
10. True or False: The distribution of goods and services in socialist economic systems is determined by consumer spending.
B: False
1. Which statement best describes an economic system?
A: The method of production, recourses use, and distribution of goods in a region
2. What forces determine the distribution of goods in a traditional economy?
B: Customs and beliefs of a group
3. What is one way that socialist and communist economic systems are similar?
A: Both have public ownership of businesses
4. Which best describes the production of goods in a free economic system?
D: Production based on consumer spending
5. What type of system has free enterprise with strict government control?
D: Mixed
6. Why are traditional economies sustainable?
D: They can meet their needs over time
7. Which system has complete public ownership of the means of production?
C: Communist economies
8. How do socialist and communist economic systems differ?
B: The amount of government ownership
9. What determines the distribution of goods and services in a communist economic system?
C: Government planning
10. True or False: The distribution of goods and services in socialist economic systems is determined by consumer spending.
B: False
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3 answers