Which statement best describes an economic system?
(1 point)
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 way a region makes official government policies and decisions the process that people use in choosing goods and services
The statement that best describes an economic system is: the method of production, resource use, and distribution of goods in a region.
What forces determine the distribution of goods in a traditional economy?
(1 point)
competition between businesses customs and beliefs of a group government decision-making government and business policies
In a traditional economy, the distribution of goods is primarily determined by customs and beliefs of a group.
What is one way that socialist and communist economic systems are similar?
(1 point)
Both have public ownership of businesses. Both use traditions to determine production. Both have competition between business. Both have little government regulation.
One way that socialist and communist economic systems are similar is that both have public ownership of businesses.
Which best describes the production of goods in a free enterprise economic system?
(1 point)
production based on traditional customs
production based on government regulation production based on decisions of cooperative groups production based consumer spending
The best description of the production of goods in a free enterprise economic system is: production based on decisions of cooperative groups.
What type of economic system has free enterprise with strict government control?
(1 point)
traditional
market
command
mixed