Unit I Review: Economic Systems

Front

In which economic system is ALL property owned by individuals?

Back

Market or Capitalist Economy

Front

In which economic system is ALL property owned by the government ("for the good of the country")?

Back

Command Economy

Front

In which economic system are property and businesses owned by individuals but heavily regulated by the government?

Back

Mixed Economy

Front

author and book title on the subject of Capitalism

Back

Adam Smith-Wealth of Nations

Front

the part of Capitalism that naturally made for low prices and high quality

Back

Competition

Front

Laissez-faire means...

Back

Hands off

Front

This economic system is based on competition, profits, and self-interest.

Back

Capitalism

Front

In a Communist country, workers have no ________ to work harder.

Back

Incentive

Front

How does socialism differ from capitalism?

Back

In socialism, the government controls the means of production; whereas, capitalism focuses on the private owner.

Front

According to the law of supply and demand, how does the scarcity of product that is in high demand affect prices?

Back

Scarcity of a high demand product increases the market value of the product.