Economics, Government & Culture

Which of these is NOT called a Market economy?

• Capitalist

• Command

• Free Enterprise

• Free Market

Sometimes, a command economy is also called a

• Communist economy

• Capitalist economy

• Mixed economy

• Democratic economy

Competition, private ownership and free trade are examples of a

• Free Enterprise or Free Market Economy

• Command or Communist Economy

• Socialist or Mixed Economy

• An Absolute Monarchy

Mixed or Socialist economies

• Have complete government control over economic decisions

• Have NO government involvement in economic decisions

• Have some government control and some private ownership and competition in their economies

• Have high GDP, literacy rates and life expectancy

Life expectancy refers to

• The average age to which people live in a country

• The percentage of people in a country that are over 15 and can read and write

• The amount of economic output a country has

• Unlimited governments and their economies

Which best describes GDP per capita

• The amount of food people eat in a country

• The amount of money a president and other leaders in a country have

• The total amount of money made on manufacturing in a country

• The total economic output per person in a country during a year or a time period

Labor is a factor of production that refers to

• Farming products that will be sold as food

• Natural resources like coal, water, minerals and clean air

• The work people do with their bodies or their minds

• Making products in factories

Making products on a large scale, such as cars, computers and cell phones is considered

• Manufacturing

• Agricultural

• Services

• Entrepreneurship

Entrepreneurs are also called:

• The elected leaders of a limited government

• People who cut hair, clean houses, teach or take care of people

• People who farm pumpkins at halloween

• People who have a vision or an idea, and they use it to create a business or a product

Democracy is

• An unlimited government, where leaders have complete power and people have few rights. It is hard to change a democracy.

• A limited government, where leaders are elected, people have freedoms, and they can change their leaders at the next election.

• An absolute monarchy, where the king or queen has complete control over the government.

• The type of government we find in North Korea, Cuba and Russia.