Economic Systems

Which of the following is not one of the fundamental economic questions?

• What should be produced?

• How should it be produced?

• What price should it sell for?

• Who should it be produced for?

This economic system is based on individual freedom.

• Traditional

• Command (Communism)

• Free Market

This economic system is controlled by the government.

• Traditional

• Command (Communism)

• Free Market

Today, most economies are:

• Free Market

• Traditional

• Mixed

• Command (Communism)

Who or what answers the basic economic questions in a mixed economy?

• Individuals and Businesses
• Government
• Custom
• Individuals, Businesses, and Government

In which economic system is the protection of private property rights essential?

• Command

• Traditional

• Market

• Socialism

Communism can be best summed up as an economic system where

• all resources are controlled by the elite and used to maintain their control of the people.

• the elimination of private property is established.

• the rich support the poor

• the harder you work, the more benefits you receive.

True Communism, or Communism as it was described by Karl Marx, was only ever seen in

• China

• The Soviet Union

• Vietnam

• it has never been seen in any country

Socialism is the economic system where

• individuals own all resources and use them for the good of the society.

• the government regulates private property so that some social justice can be achieved.

• resources are shared between the individuals and the government so critical goods and services like health care, police protection, education, and food can be equally distributed.

• society meets and votes on how resources will used.

In a Free Market or Capitalist economy, producers are most concerned with

• doing what is best for their fellow citizens

• using resources so taht they will last throughout time

• doing what is best for them individually

• insuring that all workers are safe and well paid