Political and Economic Systems

An economic system in which a free market prevails.

• totalitarianism

• capitalist system

• democracy

• socialism

Most socialist systems can also be described as

• planned economies.

• distribution economies.

• pure economies.

• mixed economies.

The type of socialism now carried on by Russia is a form of ______ socialism.

• centrally planned

• market

• utopian

• zero-sum

Among the reasons socialism never developed into a political movement in the United States was that trade unions _________.

• secured workers’ rights

• guaranteed health care

• broke up monopolies

• diversified the workforce

SSEF4 Which is a fundamental questions every society must answer?

• What goods and services are to be produced?

• How are the goods and services to be produced?

• For whom are the goods being produced

• All of the above

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market

• Traditional, Command, Combined, & Market

• Communism, Capitalism, Free Market, and Macroeconomics

• Microeconomics, Macroeconomics, Individual, and Traditional.

SSEF4  Jingo was born to be a warrior-hunter,   Jingo trades the furs of animals he catches to other families and tribes for many goods.  What economic system is this?

• Market

• Command

• Traditional

• Capitalist

SSEF4a Consumer sovereignty, profit motive, private ownership, and competition are all most associated with which economic system?

• Command

• Market

• Traditional

• None of the above

An economic system based on equity and in which the government decides what gets made and sets prices is called a

• market economy

• traditional economy

• political economy

• command economy

Supply and demand alone controls production of  goods and services?

• command economy

• communism

• pure market

• mixed market