Economic Systems

Which economic goal means the ability for individuals/businesses to choose?

• Equity

• Security

• Freedom

• Stability

Which economic goal looks to keep things fair among people?

• Economic Growth

• Economic Stablity

• Economic Security

• Economic Equity

Fill in the blanks: A market economy would trade economic __________ for economic _____________

• Equity for Efficiency

• Security for Equity

• Freedom for Efficiency

• Growth for Security

Which economic system is based on the traditions of past generations?

• Command

• Market

• Mixed

• Traditional

Which economic system allows individuals and businesses to freely answer the three basic economic questions?

• Command

• Market

• Mixed

• Traditional

Select all three of the questions economic systems try to answer

• For whom do we produce?

• What is the opportunity cost?

• What do we produce?

• How do we produce?

Who answers the three questions in a command economy?

• Individuals

• Businesses

• Tradition

• Government

Which economic thinker is associated with Mixed Economies?

• John Maynard Keynes

• Adam Smith

• Karl Marx

• Alan Greenspan

What's a disadvantage of a market economy?

• No incentive to work hard

• Doesn't allow for improvements

• Greed driven

• Discourages new ideas

Which economic thinker wrote The Wealth of Nations, an early work on market economies?

• Karl Marx

• Adam Smith

• John Maynard Keynes

• Chancelor Bennett