Basic Economics

The type of government that has total control over the people and the police use power by force is called what?

• Anarchy

• Monarchy

• Limited

• Authoritarian

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional

Who invented communism?

• Plato

• Karl Marx

• Paul Samuelson

• Adam Smith

Capitalism is in what type of economy?

• Traditional

• Command

• Market

• Authortarian

In a ______________ economic system, customs and traditions determine what and how to produce

• traditional

• market

• command

• mixed

In a ______________ economic system, the government owns resources and controls production, prices, and wages

• traditional

• market

• command

• mixed

What is a producer?

• a person who gives goods away

• things people would like to have

• the exchanged of goods and services without the use of money

• a person, company, or country that makes grows, or supplies goods for sale

What is a free market economy?

• An economy based on supply and demand with little or no government control

• The international exchange of goods

• An economy in which decisions are made by the government

• An economy that is communist

What type of economy does the United States have?

• traditional

• mixed

• command

• market

Which type of economy involves trading, and doesn't usually use money?

• traditional

• command

• mixed

• market