Economic Systems

Front

A command economy is when the government is in control.

Back

True

Front

What is an economic system where only the government makes the economic decisions?

Back

command economy

Front

What type of economy do most countries in the world have?

Back

Mixed economy

Front

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

Back

Command

Front

The government has little to no role in the production of goods in this type of economy.

Back

Market

Front

Businesses have freedom to produce whatever they think consumers will buy.

Back

Market

Front

Each society must determine how to best use its: People, Land, Natural Resources, All of the above

Back

All of the above

Front

A garbage truck driver is an example of which Factor of Production? Options: labor, land, entrepreneurship, capital

Back

labor

Front

Land

Back

The natural resources used to produce goods or services.

Front

Which activity is an example of investing in physical capital by a company?

Back

constructing a new factory