Economic Systems Assessment

Front

What is an economic system?

Back

The decision-making structure of a nation's economy

Front

Which basic economic question must all societies answer?

Back

What should we produce?

Front

Which characteristic is most associated with traditional economies? Options: Heavy government regulation, Professions passed down from parent to child, Free market competition, Technological innovation

Back

Professions passed down from parent to child

Front

What is a key feature of a market economy?

Back

Private ownership of businesses

Front

Who wrote "The Communist Manifesto"?

Back

Karl Marx

Front

What is "laissez-faire" in relation to market economies?

Back

Non-intervention by government

Front

What is consumer sovereignty in a market economy?

Back

Consumers determine business success or failure

Front

Which is NOT a characteristic of a market economy? Private enterprise, Competition, Profit motive

Back

Government control of all industries

Front

What type of economic system does the United States have?

Back

Mixed economy

Front

What is an oligopoly?

Back

Few sellers with similar products