Economics Quiz

Wealth and resources that a country has

• Free Market

• Communism

• Socialism

• Economy

A system that allows people to have a say in government decisions while also allowing people economic freedom through their ability to choose

• Democracy

• Communism

• Socialism

• Monarchy

The concentration of wealth and means of production in the hands of private individuals.  There is little to no interference from government (laissez-faire). 

• Communism

• Socialism

• Capitalism

• Marx

The government controls economic resources and the means of production within the country.  This system favors the absence of private ownership centering on egalitarian order where all citizens have equal resources which diminishes personal incentive. 

• Communism

• Socialism

• Capitalism

• Free Market

The government has control over the economic resources of the country by using reasonable limits.  This system does allow for forms of private individual ownership as long as it follows regulations that create a fair distribution of resources within the country.

• Communism

• Socialism

• Capitalism

• Free Market

The freedom to make one's own economic choices

• Economic Freedom

• Living Standards

• Communism

• Capitalism

Measure of how well the people of a society are doing

• Economy

• Living Standards

• Socialism

• Capitalism