Economic Theories in Government 1.3

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

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

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

People that buy a product

• Consumers
• producers
• goods
• services

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

• Market
• Mixed
• Traditional
• command

Which quote best identifies with capitalism?

• "Sharing is caring"
• "Get rich or die trying"
• "Government first"
• "Never talk back to authority"

What type of economy has a private and public sector, the characteristics of a free market, and is the most common economic system today?

• Free Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy

Which type of economy has private property, consumer sovereignty, individual choice, profit, and no government involvement?

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

What is the system in which the citizens share all property and business production.  No private property exists.

• Capitalism
• Socialism
• Free Market
• Urbanization

What is the name for the working class during the Industrial Revolution?

• darwinist
• proletariat
• communist
• dynamo