FLASHCARDIZZ Economics Final Exam Prep #1

Front

The economic system that is indicative of Capitalism is known as a:

Back

Free Market/Enterprise

Front

The economic system that is found in a Communistic political system is a:

Back

Command Economy

Front

Which of the following is NOT a factor of production?
a. Land,
b. Labor,
c. Capital,
d. Resources

Back

Resources

Front

The economic system that is found in a Socialistic political system is a:

Back

Mixed Economy

Front

Karl Marx is the author of:

Back

The Communist Manifesto

Front

Which of the following does NOT characterize a command economy? a. The presence of competition, b. The economic questions are answered by the government, c. Very little economic choice, d. No private ownership

Back

The presence of competition

Front

Who is considered to be “The Father of Communism”?

Back

Karl Marx

Front

The element of a free enterprise system which leads to excellence in production is:

Back

Competition

Front

When an agreement can’t be reached between a labor union which represents workers and management, a(n) _____________ may occur

Back

strike

Front

When representatives of the union and management negotiate a contract for the workers it is referred to as:

Back

collective bargaining