Question

1. which of the following items is found in all economic systems.

a. technology
c. subsistence
b. participants
d. dollars

1. the most common medium of exchange in modern economic systems is

a. barter
c. credit.
b. capital
d. money.

1. one of the reasons that a country needs an economic system is because it

a. is independent of other nations.
c has a limited supply of resources
b. has limited wants and needs
d. has immigrants from several countries.

1. which of the following types of economic systems adopts the fewest new ideas or improvements:

a. command
c. market
b. socialist command
d. traditional

1. the government controls the economic system and does not allow private ownership of the means of production and distribution in a __________ economy

a. traditional
c. socialist command
b. market
d. communist command

Explanation:

1. All economic systems have participants such as producers, consumers, etc. Technology, subsistence, and dollars are not universal across all economic systems.
2. In modern economic systems, money is the most common medium of exchange. Barter is an older - form, capital is a factor of production, and credit is a financial concept related to borrowing and lending.
3. A country needs an economic system because resources are limited, and it has to allocate them efficiently. A country is not independent of other nations, and wants and needs are unlimited. Immigration is not the main reason for needing an economic system.
4. Traditional economic systems are based on long - held customs and traditions and are less likely to adopt new ideas or improvements compared to command, socialist command, and market systems.
5. In a communist command economy, the government controls the economic system and does not allow private ownership of the means of production and distribution. Traditional economies are based on custom, market economies have private ownership, and socialist command economies may allow some private ownership in certain cases.

Answer:

1. b. Participants
2. D. money
3. C has a limited supply of resources
4. d. Traditional
5. d. communist command