Hunting Gathering Communities
Global Economic Systems?
1. A country in which most people farm for a living.
a. hunting & gathering
b. agrarian
c. capitalist
d. developing
2. A system of private ownership of wealth and the means to produce it.
a. feudalism
b. communism
c. capitalism
d. socialism
3. A system in which the government manages parts of the economy.
a. capitalism
b. socialism
c. communism
d. feudalism
4. A system of community ownership and management of all property and means of production.
a. socialism
b. feudalism
c. capitalism
d. communism
5. A country that makes most of its money from the sale of petroleum.
a. service
b. resource-dependent
c. developing
d. capitalist
1 – b.
The definition of “agrarian” is the production of food and other natural, farming products using natural production inputs.
2 – c.
Capitalism’s main defining characteristic is the existence of private property rights on physical goods, including production inputs, and on their own wealth.
3 – c.
Communism is the form of economic system where most economical decisions are made by the government, rather than the market. In a communist economy, the government has most or all of the ownership rights in a country.
4 – a.
I don’t know where the above guy got feudalism as the answer here, but that is incorrect. Socialism is the economic system where economic decisions are made by the national community as a whole, rather than by those who are willing to exercise their market power (money; capitalism) or by the government.
5 – b.
This sort of nation is dependent on a natural resource that they harvest on domestic soil to generate most of their wealth. In other words, resource-dependent nations rely on exports as a larger-than-normal part of their GDP.
Ch 6: Pursuit of happiness (re: work, wealth & success) 1 of 4