Economic Systems and their Origins

Front

Who was a proponent of government involvement in the business cycle to prevent too much expansion and retraction?

Back

John Maynard Keynes

Front

Who believed that the economy is stable when run by private business unless the money supply is disturbed with fluctuations, and felt the government often caused those actions fueled by the Federal Reserve?

Back

Milton Friedman

Front

Who believed that individuals and businesses could follow their own interests, and that greed from investors would be balanced by accounting for the wants and needs of people, leading to natural harmony and prosperity?

Back

Adam Smith

Front

What type of economy involves some government involvement in health care and utilities, privately owned non-essential businesses, and is fueled by extensive taxes?

Back

Socialism

Front

Business control their decisions which are based off resource costs, prices and production costs. It encourages competition and usually is extremely efficient because Household and Firms have active and integral places in the system.

Back

Capitalism

Front

He was a defender of free-market capitalism and was critical of socialist actions by the government. He analyzed monetary and economic fluctuations.

Back

Friedrich Hayek

Front

What economic system involves private businesses in competition while the government ensures safety, provides services, and protects rights/property? Options: Capitalism, Communism, Mixed Economy, Socialism

Back

Mixed Economy

Front

What economic system distributes all resources and products by the government, emphasizes equality in gender and race, provides equal amounts of goods and services, but is not efficient and causes stagnation in innovation?

Back

Communism

Front

Which of the following are part of GDP: The items that go into making a pizza, All the products that are made in one day, A birthday party at Urban Air, A shirt at a garage sale?

Back

A birthday party at Urban Air

Front

GDP includes all of the following but

Back

imports