Basic Characteristics of Economic Systems Review

A system where people can own their own business of their choice is called _____________.

• Command Economy

• Traditional Economy

• Free Enterprise/Market Economy

An economic system where resources are shared by all

• Free Enterprise

• Communism

• Socialism

• None of the above

Government controls all production and distribution of goods applies to which economic system?

• Communism

• Socialism

• Free Enterprise

• None of the above

Economic system there are privately owned business, little government involvement and keep the money

• Communist

• Socialism

• Free Enterprise

• None of the above

Which economy system would be characterized by UNLIMITED Power and Rule by One/Few?

• socialism

• free enterprise

• communism

• all of the above

What economic system has consumer choice, price determined by supply & demand, private property?

• Socialism

• Free Enterprise

• Communism

• All of the above

An economic system in which businesses are privately owned, people buy and sell goods, and individuals freely make decisions whether to buy or sell.

• Socialism

• Free Enterprise

• Communism

• none of the above

An economic and political system in which the government owns and controls ALL economic activities.

• Free Enterprise

• Communism

• Socialism

• None of the above

An economic system in which the government owns and operates most businesses, but some businesses are privately owned.

• Communism

• Socialism

• Free Enterprise

• All of the above

an economic system where individuals and companies are free to make a profit selling goods and services with a limited government

• Communism

• Socialism

• Free Enterprise

• Mickymouseism