Economic Systems

Which of the following economic systems gives PEOPLE all the power in the economy?

• market economy
• mixed economy
• traditional economy
• command economy

A market system is best described as a system with:

• free trade
• competition
• profit motive
• all of the above

Who is the founder and creator of capitalism?

• Adam Smith
• Karl Marx
• Friedrich Engels
• Bernie Sanders

Who is considered the father of communism?

• Adam Smith
• Mr. Harnew
• Karl Marx
• Mr. Reece

Karl Marx believed that there would be two classes of people. Which class was considered the rich class?

• bourgeoisie
• proleteriat

People that buy a product

• Consumers
• producers
• goods
• services

People that make a product

• consumers
• producers
• goods
• services

What type of economic system allows government and private businesses to make economic decisions?

• Market
• Mixed
• Traditional
• command

If a country has a high literacy rate, how does it affect standard of living?

• It does not affect it.
• It is also high.
• It is lower.
• It does nothing.

 A system that uses bartering or trading.

• Mixed
• Market
• Traditional
• command