economy

Who controls a Command Economy?

• People

• Government

• Both

In a real-life communist society, who are the wealthiest and most powerful people?

• Intellectuals
• Business leaders
• Military leaders
• Whoever controls the government

What is Capitalism?

• A system where the government controls business
• Capitalism is an economic system where the means of production are privately owned and operated for profit! 
• A economic system in which the people have limited rights
• An economic system in which most property and resources, such as factories or farms, are publicly owned or controlled.

An economic system in which businesses compete against one another free of government control

• Socialism
• Free Enterprise
• Product
• Marketing

Which is a typical role of government in a market economy?

• majority owner of land and capital
• price setter
• output setter
• provider of public goods

This is the social & political commitment & freedom to start their own businesses & compete

• free enterprise system
• free response system
• free travel system
• freedom of choice

What are one of the key characteristics of a Free Market Economy?

• Private Ownership

• Competition

• Economic Freedom

• Limited Government

Economics is the study of

• production technology
• consumption decisions
• how society decides what, how, and for whom to produce
• the best way to run society

In a real-life communist society, who are the wealthiest and most powerful people?

• Intellectuals
• Business leaders
• Military leaders
• Whoever controls the government

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs