Economics Unit 1 Economic Systems and Basics Hudspeth

In my country my job is the same one that my family has done over the past 200 years.

• Traditional

• Command

• Market

• Mixed

In my country, the government makes all the economic decisions.

• Traditional

• Command

• Market

• Mixed

In a command economy, who holds power over the economy?

• The people
• The government 
• Beyonce
• The traditions of your ancesetors 

What are the 3 economic questions?

• What to produce? How To Produce? For whom to produce?
• Who to produce? Why you produce? Like to produce?
• Why to produce? Tell who to produce? Things to produce?

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

The United States practices

• pure capitalism

• pure socialism

• pure communism

• a mixed or blended economic system

This person wrote "The Wealth of Nations" and believed the government should have a limited role in business?

• John Locke

• Adam Smith

• Charles Fourier

• Karl Marx

Cooperation is encouraged over competition in which system?

• Capitalism

• Socialism

The study of how people and nations use their resources to satisfy needs and wants.

• Economics 
• Ecology
• Capitalism 
• Free Enterprise 

The philosophy that government should keep its hands off the economy.   

• Laissez-faire 
• Communism 
• Command Economy 
• Socialism