Economics Unit 1 TEST

Front

The type of government that has total control over the people and the police use power by force is called what?

Back

Authoritarian

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

This type of economy is passed down through family traditions. They learn from their parents.

Back

Traditional

Front

Which type of economy has central ownership, the government, and lack of individual choice?

Back

Command

Front

Which type of economy is usually paired with a Communist government? Options: Mixed, Market, Command, Traditional

Back

Command

Front

Who invented communism?

Back

Karl Marx

Front

Capitalism is in what type of economy?

Back

Market

Front

When customers and business owners exchange products and money, because it will help them both in some way.

Back

voluntary exchange

Front

The amount of money a business makes after its expenses are paid

Back

profit

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization