(QUIZIZZ) Major Economic Systems Practice

Adam Smith is a proponent.

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

Indicative of Canadian political/ economic system

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

Competition leads to excellence in production.

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

The book "Wealth of Nations" explains the working of this economic system.

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

Basic principles summarized in “The Communist Manifesto”.

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

No presence of profit motive

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

Government should intervene in economic emergencies.

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

Crime rate very low

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

All economic questions answered by government

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)

Characterized by “Profit Motive”.

• Free Market (Capitalism)
• Command Economy (Communism)
• Mixed Market Economy (Socialism)