Economic Systems Review

Which of the following economic systems allows citizens full freedom in choosing a career and workplace?

• Capitalism

• Fascism

• Socialism

• Communism

Which of the following is NOT one of the three main economic systems?

• Communism

• Fascism

• Socialism

• Capitalism

Which of the following is a characteristic of an entrepreneur?

• Fear

• Risk taking

• Self deprecation

• Pessimism

Which of the following is the way a society produces goods and services?

• Laissez faire

• Socialism

• Economic systems

• Marxism

Little to no freedom in selecting a career and workplace is a characteristic in which economic system?

• Capitalism

• Socialism

• Fascism

• Communism

A private enterprise systems permits which of the following to make economic decisions?

• Individuals

• The republic

• States

• Government

What is a market economy?

• A combination of two economic systems

• An economy where the government makes all decisions

• An economy where customs and traditions make all decisions

• An economy where individuals make all decisions

What is a command economy?

• An economy where individuals make all the decisions

• An economy where customs and traditions make all decisions

• A combination of two economic systems

• An economy where the government makes all decisions

What is a mixed economy?

• An economy where individuals makes all decisions

• An economy where the government makes all decisions

• A combination of two economic systems

• An economy where customs and traditions make all decisions

The United States is an example of which economic system?

• Market

• Command

• Mixed Market

• Traditional