Economic Systems

Laissez-faire means...

• Hats off
• Hands around
• Hands off
• Hands on

The government or groups of workers might control these resources but the profits are divided among the people.

• Capitalism
• Communism 
• Socialism
• Mixed Economy

In a socialist economy, the wealth is distributed evenly among citizens.

• True
• False

This economic system is based on competition, profits, and self-interest.

• Socialism
• Communism
• Capitalism

In a "pure" communist society, who are the wealthiest and most powerful people?

• Intellectuals
• Business leaders
• Military leaders
• No One--every member of society is supposed to be equal

In a Communist country, workers have no ________ to work harder.

• Time
• Help
• Ability
• Incentive

According to the law of supply and demand, how does over-manufacturing of a product affect the price?

• Over-manufacturing reduces the price of a product.
• Over-manufacturing creates jobs to improve the economy.
• Over-manufacturing raises prices to offset production costs.
• Over-manufacturing leads to peaks in the business cycle.

What does communism believe in?

• Economic system with individuals having private ownership of money/production.
• Maintaining total control over society. 
• Economic equality through elimination of private property.
• A government of the people, by the people, for the people.

Karl Marx's ideas inspired

• free market economies
• democracies
• technological innovation
• dictatorships

The United States practices

• pure capitalism
• pure socialism
• pure communism
• mixed market