Traditional Economy Question Preview (ID: 38970)
Questions About Traditional Economies.
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Resources are
a) limited.
b) infinite.
c) renewable.
d) surplussed.
Which is not one of the three basic economic questions?
a) What will be made?
b) How will goods be made?
c) Who will make it?
d) For whom will goods be made?
How do societies answer the three economic questions?
a) They let the government decide
b) They let the people decide
c) They let businesses decide
d) Each society decides differently
Traditional economies are the _____________ economic system in the world.
a) best
b) oldest
c) newest
d) most complex
How are the economic questions answered in a traditional economy?
a) Economic decisions are made based off of custom and tradition.
b) Economic decisions are made based off of supply and demand.
c) Economic decisions are made based off of the government.
d) Economic decisions are made based off of people's wants.
What does nomadic mean?
a) move around a lot
b) settled
c) ancient
d) Traditional
Why do the Maasai people (traditional economy) raise cattle?
a) It is the item with the greatest demand.
b) They have always raised cattle.
c) They have a surplus of cattle.
d) They worship cattle.
Traditional economies are mostly
a) settled people with surplus supplies.
b) wealthy groups in large cities.
c) driven by supply and demand.
d) nomadic hunter gatherers.
How are goods distributed in a traditional economy?
a) People who can pay for goods receive them.
b) bartering
c) The government distributes them.
d) There are no goods, only services.
What does barter mean?
a) to buy
b) to create
c) to trade
d) to consume
What does tradition mean?
a) doing something the way it's always been done
b) finding new ways of doing things.
c) having the most goods
d) doing what you're told
Which of these scenarios is most like a traditional economy?
a) someone buys a new pair of shoes at the mall
b) The government makes sure everybody can see a doctor
c) people donated their money to a charity
d) people pass down through generations how to make a good
Which of these could be a motivation in a traditional economy?
a) money
b) wealth
c) religion
d) freedom
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