Econ Systems & Goals

What are the three main types of economic systems?

• command, free market, mixed market

• totalitarianism, communism, socialism

• feudalism, capitalism, republic

• anarchy, free market, socialism

What are the primary economic goals and objectives of a country?

• Economic growth, full employment, price stability, and balance of payments stability

• Military expansion, cultural preservation, population control, and infrastructure development

• Social welfare, environmental sustainability, technological advancement, and political stability

• Income inequality, resource depletion, inflation, and trade deficits

What are the key characteristics of a market economy?

• State ownership, controlled enterprise, monopoly, profit sharing, complete government intervention

• Private ownership, free enterprise, competition, profit motive, minimal government intervention

• Public ownership, limited competition, government control, non-profit motive, extensive government intervention

• Individual ownership, restricted enterprise, collaboration, social motive, maximum government intervention

What are the features of a command economy?

• Complete freedom for individuals to make economic decisions

• Decentralized planning by various private entities

• Limited government involvement in economic activities

• Government control of economic activities, central planning, no private ownership of resources

What are some advantages of a mixed economy?

• A mixed economy provides a balance between government intervention and free market principles, flexibility, innovation, competition, and essential service provision.

• A mixed economy leads to inefficiency and lack of innovation

• A mixed economy does not provide essential services to the population

• A mixed economy results in excessive government control and limited competition

How do you compare different economic systems?

• Comparing the number of laws in each system

• Counting the number of businesses in each system

• Analyzing ownership of resources, distribution of goods and services, role of government, and incentives for production.

• Measuring the average income of citizens in each system

What is the concept of standard of living in economics?

• Standard of living in economics refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

• Standard of living is a measure of political stability in a country

• Standard of living is determined by the number of languages spoken in a community

• Standard of living refers to the quality of air in a region

Which economic system allows for private ownership of resources?

• Capitalism

• Socialism

• Feudalism

• Communism

In a command economy, who makes the decisions regarding production and distribution?

• Non-profit organizations

• Private companies

• Government or central authority

• Consumers

What is the role of government in a mixed economy?

• Implement a completely free market system

• Ignore market failures and economic stability

• Abolish private property rights

• Regulate the market, provide public goods, address market failures, and promote economic stability.