Economy Review

An economic system where resources are shared by all

• Free Enterprise

• Communism

• Socialism

• None of the above

Government controls all production and distribution of goods applies to which economic system?

• Communism

• Socialism

• Free Enterprise

• None of the above

Economic system there are privately owned business, little government involvement and keep the money

• Communist

• Socialism

• Free Enterprise

• None of the above

Which economy system would be characterized by UNLIMITED Power and Rule by One/Few?

• socialism

• free enterprise

• communism

• all of the above

What economic system has consumer choice, price determined by supply & demand, private property?

• Socialism

• Free Enterprise

• Communism

• All of the above

An economic system in which businesses are privately owned, people buy and sell goods, and individuals freely make decisions whether to buy or sell.

• Socialism

• Free Enterprise

• Communism

• none of the above

An economic and political system in which the government owns and controls ALL economic activities.

• Free Enterprise

• Communism

• Socialism

• None of the above

An economic system in which the government owns and operates most businesses, but some businesses are privately owned.

• Communism

• Socialism

• Free Enterprise

• All of the above

Which of the following would NOT be a positive characteristic of a Free Enterprise economy?

• Lots of economic growth

• Lots of choice

• Leads to a high standard of living

• ALL citizens have access to education and healthcare

Which of the following describes a Socialist economy?

• Based on supply and demand

• Products are the result of collective work, and those with the biggest NEED determined by the government, receive the finished products.

• Rewards success

• Everyone who contributes, gets an equal share of the product.