Quiz About Economic Concepts On Agrarian Reform

The correct answer is Traditional Economic System. In a traditional economic system, individuals and communities follow customs and traditions that have been passed down from generation to generation. This includes doing the same type of work that their fathers did, as it is considered the norm and is deeply ingrained in their culture. This system is typically found in rural and agrarian societies, where people rely on farming, hunting, and gathering for their livelihoods. It is characterized by a lack of technology and limited economic mobility.

The correct answer is Command Economic System. Cuba, China, and North Korea are considered the last true communist countries because they have command economic systems in place. In a command economic system, the government has complete control over the economy and makes all the decisions regarding production, distribution, and resource allocation. This system is characterized by state ownership of industries and centralized planning. These countries have limited private ownership and rely heavily on government control and regulation of economic activities.

A command economic system is associated with communism because it is a centrally planned economic system where the government has control over all economic decisions and resources. In this system, the government determines what goods and services are produced, how they are produced, and how they are distributed. This is in line with the principles of communism, which advocates for collective ownership and control of resources and the means of production.

A market economic system is characterized by the interaction of consumers and producers in determining prices and what is produced. In this system, prices are determined by supply and demand forces in the market, and producers respond to consumer preferences and demands. The government's role is limited, and there is a focus on individual freedom and private ownership. This system allows for competition and innovation, as well as a wide range of choices for consumers.

A market economic system is synonymous with capitalism and free enterprise because it is based on the principles of private ownership, competition, and profit motive. In this system, individuals and businesses have the freedom to make their own economic decisions, such as what to produce, how much to produce, and at what price to sell. The market forces of supply and demand determine the allocation of resources and the prices of goods and services. This system encourages innovation, efficiency, and economic growth, as it allows for competition and rewards individuals and businesses for their success.

The correct answer is Traditional Economic System. This system refers to an economic system in which economic decisions are based on customs, traditions, and cultural beliefs. It is characterized by subsistence farming, bartering, and small-scale production. Neolithic societies and pre-industrial countries relied heavily on traditional economic systems as they were primarily agrarian societies with limited technological advancements. This system is contrasted with command, market, and mixed economic systems, which involve more centralized planning, market forces, and a combination of government intervention and private enterprise.

In a traditional economic system, the primary goal is to produce just enough for personal survival. This means that individuals and communities focus on meeting their basic needs and ensuring their own survival rather than producing surplus goods for trade or profit. This system is often found in rural and indigenous communities where people rely on subsistence agriculture and traditional crafts to sustain themselves. In this system, economic decisions are based on customs, traditions, and cultural norms rather than market forces or government intervention.

The traditional economic system is the correct answer because it is commonly found in developing countries. In this system, economic decisions are based on customs, traditions, and cultural beliefs. It relies on agriculture, hunting, and gathering as the main sources of livelihood. This system is often seen in rural and less industrialized regions where modern economic systems have not yet been fully adopted.

In a command economic system, the government has complete control over determining prices and what goods and services are produced. This means that the government decides how much each item should cost and what should be produced based on their central planning. This type of system is often associated with socialist or communist countries where the government plays a dominant role in the economy and private ownership is limited.

In a command economic system, the government has control over the allocation of resources and the production of goods and services. This means that the government can prioritize the economic advancement of the masses by directing resources towards industries and sectors that benefit the majority of the population. The government can also implement policies and regulations to ensure that opportunities for economic advancement are available to everyone, regardless of their social or economic background. Therefore, in a command economic system, the government actively encourages opportunities for economic advancement of the masses.