Economic Systems Quiz

Production = Creation of goods and services Distribution = Allocation of goods and services to consumers Consumption = Utilization of goods and services by individuals and households Growth Over Time = Increase in the production and consumption of goods and services over a period

Traditional Economic System = Predominantly farming or traditional income-generating activities Command Economic System = Government-controlled allocation of resources and production decisions Market Economic System = Private ownership and free market competition Mixed Economic System = Combination of private and public ownership with government intervention in the economy

Land = Natural resources used in production Capital = Assets and tools used in the production of goods and services Labor = Human effort and skill in the production process Physical Resources = Tangible materials used in production

<p>Institutions = Organizations and structures that regulate economic activities Decision-making processes = Methods for determining resource allocation and production choices Patterns of consumption = Trends and habits related to the use of goods and services Agencies = Entities responsible for specific economic functions</p> Signup and view all the answers

<p>Exempted = Not required to take the final exam Economic Structure = Organized framework of economic activities in a community Geographic Region = Specific area or territory on the Earth's surface Income-generating activities = Tasks or endeavors that produce earnings or revenue</p> Signup and view all the answers