World Cultures Government & Economics Unit

The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

• Traditional 
• Market 
• Command 
• Centrally Planned 

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

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

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

The United States economy is based on this system:

• Command
• Market
• Traditional
• Socialist

If there is not enough of something it is described as?

• free
• scarce
• plentiful

Three factors of production are land, labor and _______ .

• Capital

• Franchises

• Inflation

• the Government

Private property is a feature of the modern American economy?

• True
• False

Land, labor, capital, and entrepreneurship

• Economy
• Infrastructure
• Factors of production
• Capital

Who owned everything under communism?

• Wealthy people
• The secret police
• The government
• The poor people

An economic system in which the means of production is owned by the government and private ownership doesn't exist.

• Capitalism
• Imperialism 
• Socialism
• Communism