Economic Systems

Front

Which of the following is not one of the fundamental economic questions?

• What should be produced?
• How should it be produced?
• What price should it sell for?
• Who should it be produced for?

Back

What price should it sell for?

Front

This economic system is based on individual freedom.

Back

Free Market

Front

This economic system is controlled by the government.

Back

Command (Communism)

Front

Today, most economies are: Free Market, Traditional, Mixed, Command (Communism)

Back

Mixed

Front

Who or what answers the basic economic questions in a mixed economy?

Back

Individuals, Businesses, and Government

Front

In which economic system is the protection of private property rights essential? Options: Command, Traditional, Market, Socialism

Back

Market

Front

Communism can be best summed up as an economic system where

Back

the elimination of private property is established.

Front

True Communism, as described by Karl Marx, was only ever seen in which country?

Back

It has never been seen in any country.

Front

Socialism is the economic system where

Back

resources are shared between the individuals and the government so critical goods and services like health care, police protection, education, and food can be equally distributed.

Front

In a Free Market or Capitalist economy, producers are most concerned with

Back

doing what is best for them individually