Economic Systems SS.7.CG.3.15

What does capitalism in the United States prioritize to ensure economic freedom?

• Government control over businesses

• Free market and individual enterprise

• Equal wealth distribution among citizens

• State ownership of property

How does a free market contribute to raising the standard of living for citizens?

• By ensuring equal income for all

• Through strict government regulations

• By limiting economic opportunities

• By encouraging competition and innovation

What is a key advantage of capitalism over government-controlled economic systems?

• Decreased individual freedom

• More economic opportunities

• Less economic prosperity

• Higher taxes on individuals

Which of the following is NOT a characteristic of socialism and communism?

• Economic freedom

• Equal distribution of resources

• Government control over economy

• Planned economic activities

What aspect of capitalism is most crucial for improving citizens' quality of life?

• Central planning of the economy

• Mandatory sharing of profits

• Unlimited government intervention

• Economic prosperity through free enterprise

What is an economic system?

• how society produces goods and services

• individuals own their own property

• producers and consumers

• to eliminate inefficient producers

All of the statements about Capitalism are true, EXCEPT

• own their own property

• free to use their property without government interference

• sell goods and services to other citizens in hopes of making a profit

• the government controls all human and natural resources

How does capitalism provide opportunity and economic freedom?

• Producers and consumers make their own economic choices with limited government interference.

• The government controls what is produced and creates a plan for a business.

• The government influences what is produced.

• Producers have to pay high taxes.

Which of the following economic systems is also called a "free market"

• Capitalism

• Communism

• Socialism

Which system(s) are government-controlled economic systems?

• Capitalism

• Communism

• Socialism