AG Business Semester Test 1

Which economies do the consumers decide what is produced by what they purchase; business make production decisions.

• Mixed economies

• Market economies

• Command economies

Which economies does one person/group make production decisions; one person/group own and run all business; one person/group decide who receive good and services produced

• Mixed economies

• Market economies

• Command economies

Which economies has a mixture of market and command economic system

• Mixed economies

• Market economies

• Command economies

In the economic continuum....

• Command economic is on far right side; market economic is on far left

• Command economic is on far left side; market economic is on far right

• The side don't matter, they can be where they want

Which is when business are privately owned; product development proportionate to accumulation and reinvestment of products gained in free market

• Free Enterprise system

• Socialism

• Capitalism

• Communism

Which is when increased government involvement; keeps prices low and provide jobs for everyone through government-owned business

• Free Enterprise system

• Socialism

• Capitalism

• Communism

Which is when government runs and controls most aspects of daily life; little to no economic freedom; government decides schooling each citizen receives

• Free Enterprise system

• Socialism

• Capitalism

• Communism

Encourages people to start and run businesses without government involvement and encourages competition

• Free Enterprise system

• Socialism

• Capitalism

• Communism

Regulations on taxes and government budgets

• Non-price completion

• Monetary policy

• Price completion

• Fiscal policy

regulations to control the supply of money through inflation and deflation as well as to ensure price stability

• Non-price completion

• Monetary policy

• Price completion

• Fiscal policy