1.6 Economic Systems: Free-Market, Centrally-Planned, and Mixed

MATCH THE CORRECT ECONOMICS WITH THEIR CHARACTERISTICS

• CUSTOMS

• COMMAND

• DICTATOR

• MARKET

• NO GOVERNMENT

• MIXED

• MOST ECONOMIC SYSTEMS

• TRADITIONAL

What is one method mentioned for deciding who gets a seat in the high-demand economics class?

• Highest GPA

• First-come, first-served

• All of the above

• Random lottery

Which economist is associated with the free market economy?

• Milton Friedman

• Adam Smith

• John Maynard Keynes

• Karl Marx

What is the 'invisible hand' in a free market economy?

• Corporate policies

• Consumer preferences

• Natural market forces

• Government regulations

What role does the government play in a pure free market economy?

• Providing public goods

• Controlling production

• Protecting property rights

• Setting prices

Who is the economist associated with the centrally planned economy?

• John Maynard Keynes

• David Ricardo

• Adam Smith

• Karl Marx

In a centrally planned economy, who typically makes the economic decisions?

• Consumers

• Firms

• Government

• Market forces

What is an example of a centrally planned economy mentioned in the video?

• North Korea

• Japan

• United States

• Germany

What is a productive inefficiency?

• Producing goods at higher than necessary costs

• Not producing enough goods

• Producing goods that are not needed

• Overproducing goods

Which economist is associated with the mixed economic system?

• John Maynard Keynes

• Friedrich Hayek

• Karl Marx

• Adam Smith