Economic Systems

Front

The government owns or controls most resources and businesses in a _____________ economic system.

Back

Communist Command

Front

Who is most likely to own the business's land, building, and equipment in a ____________ economy? Options: Communist Command, Traditional, Market, Socialist Command

Back

Market

Front

Which type of economic system adopts the fewest new ideas or improvements? Options: Market, Socialist Command, Traditional, Command

Back

Traditional

Front

Private enterprise is an economic system in which:

Back

individuals own both major industries and consumer goods

Front

What is the main reason for going into business in a private enterprise system?

Back

the profits

Front

What makes it difficult for new firms to enter a market?

Back

Barriers to entry

Front

What type of market structure only has one seller?

Back

Monopoly

Front

One way that firms in a monopolistic competition engage in non-price competition?

Back

Advertising

Front

What is a market dominated by a few sellers?

Back

Oligopoly

Front

In what type of market structure do both consumers and producers compete directly with supply/demand? Options: Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

Back

Perfect Competition