Macro - Economic Systems - Fall 2024 - Per 1

Front

Which is NOT a characteristic of Capitalism? Options: Market Economy, Supply and Demand, Freedom of Competition, Classless Society

Back

Classless Society

Front

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

Back

Capitalism

Front

In a "pure" communist society, who are the wealthiest and most powerful people?

Back

No One--every member of society is supposed to be equal

Front

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

Back

Incentive

Front

How does socialism differ from capitalism?

Back

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

Front

What does communism believe in?

Back

Economic equality through elimination of private property.

Front

The founder of communism

Back

Karl Marx

Front

This economic system aims to make the best products for the lowest amount of money, which often times leads to a large number of choices of products for consumers and new products being invented.

Back

Capitalism

Front

One problem with socialism is...

Back

people will only work as hard as they need to.

Front

In which economic system is the GOVERNMENT in control of land, resources, and factories?

Back

Socialism