Economic Systems

_______ is another word for Market Economy. 

• Capitalism 
• Communism
• Socialism

Which is NOT a characteristic of a Market Economy?

• Property Rights
• Freedom of Enterprise
• Competition
• Total Government Control

Burger King and McDonald's keep their prices low because of

• Competition
• Property Rights
• Limited Role of Government
• Freedom of Enterprise

Any object you can buy to satisfy a want

• Supply
• Service
• Good
• Demand

In which direction does competition drive prices?

• Price goes up
• Prices goes down
• Price stays the same

Who is known as the Father of Capitalism?

• Karl Marx
• Adam Smith
• Frederick Engels
• Donald Trump

The wealthy factory owners who treated the workers badly were called the 

• Proletariat
• Consumers
• Bourguoisie
• Producers

The poor working class that were encouraged by Karl Marx to start a violent revolt were called the

• Proletariat
• Bourgouisie
• Producers
• Consumers

A perfect society is called a ____________ society.

• Dystopian
• Utopian
• Zootopia
• Orwellian

Under socialism, control over the economy is divided between the government and private ownership.

• True
• False