U1L6 HW Intro on Quizizz

What is an economy?

• A system where only businesses operate independently

• A system where government and businesses work together

• A system where consumers provide goods and services

• A system where only the government controls everything

In an economy, what do businesses provide to consumers?

• Income and labor

• Taxes and spending

• Goods and services

• Supply and demand

What role do consumers play in the economy?

• They provide taxes and spending

• They provide goods and services

• They provide income and labor

• They control the government

What is the primary function of economic systems?

• To create new technologies

• To manage the selection, production, distribution, and consumption of goods and services

• To establish political boundaries

• To promote cultural activities

Which economic system is also known as a Free Market?

• Centrally planned

• Capitalism

• Mixed

• Socialism

In a centrally-planned economy, who controls all economic decision making?

• Private businesses

• The government

• Individual citizens

• International organizations

Which of the following is an example of a centrally-planned economy?

• United States

• Germany

• North Korea

• Japan

What does the government own in a centrally-planned economy?

• Only factories

• Only natural resources

• Natural resources, farms, and factories

• Only farms

In a capitalistic economy, who determines what will be produced?

• The government

• Consumers

• Producers

• Banks

In a capitalistic economy, what is a business free to own?

• Public property

• Private property

• Government assets

• Community resources