Economic Systems Review

What is the economy?

• The use of resources

• The use of money

• The means of production

• The use of money, resources, and means of production

The economic system that gives the individual freedom of choice with little or no government control.

• Capitalism

• Socialism

• Communism

Goods and services produced to meet human needs is known as what?

• Money

• Resources

• Incentives

• Marketing

The economic system in which the government controls resources and production is known as what?

• Capitalism

• Socialism

• Communism

The study of selling and advertising goods and services.

• Opportunity Cost

• Supply and Demand

• Incentives

• Marketing

Socialism

• Total government control

• Government and Individual control

• Individual control

Which of the following is NOT an example of an economic incentive?

• A paycheck for working

• A unpaid day off of work

• A 50% off sale

• A paid day off of work

What is the economy?

• The use of resources

• The use of money

• The means of production

• The use of money, resources, and means of production

The economic system in which the individual and the government share control of the resources and production is known as what?

• Capitalism

• Socialism

• Communism

Something that motivates or encourages you to take action is known as what?

• Incentive

• Supply and demand

• Production

• Economy