Unit 20 & 21

Question 1

A _____ economy is owned by private citizens and the “market” makes the decisions

Answer 1

Market (Also known as capitalism or free market)

Question 2

A _____ economy is owned by the “people” and government officials make the decisions

Answer 2

Command (Communism/Socialism)

Question 3

A ____ economy uses both market and command economies (Government controls big businesses and influence major economic decisions)

Answer 3

Mixed

Question 4

____ attempted to make trade easier between Canada, Mexico and the US

Answer 4

NAFTA (North American Free Trade Agreement)

Question 5

____ is an organization between all oil producing nations of the world to control how much oil is produced that controls the price of oil

Answer 5

OPEC (Organization of Petroleum Exporting Countries)

Question 6

____ attempts to make trade and commerce easier between member nations of Europe

Answer 6

European Union (EU)

Question 7

Nations in the _____ are generally less developed, poorer and more traditional

Answer 7

Southern Hemisphere