3.15 Economic Systems

Which economic system has provided the highest standards of living?

• Capitalism

• Traditional economy
• Communism

• Command economy

The development of new technologies from private businesses is an advantage of which economic system?

• Capitalism

• Socialism

• Communism

• Theocracy

Which statement best describes a socialist economy?

• The government owns several basic industries and provides many services at no cost.

• Government ownership of the means of production and free market competition
• Private ownership of the means of production and decentralized planning
• Free market economy with no government intervention

Which statement best describes a capitalist economy?

• Government control of all businesses and resources
• Equal distribution of wealth among all citizens
• Absence of competition and monopolies in the market
• Private ownership of the means of production and pursuit of profit

In which economic system does the government control all aspects of the economy?

• Mixed economy
• Communist economy

• Free market economy
• Capitalist economy

Where is power located in a confederal system?

• Power is located at the local level in a confederal system.
• Power is located at the international level in a confederal system.
• Power is located at the national level in a confederal system.
• Power is located at the regional or state level in a confederal system.

Which economic system has the least amount of government control?

• Socialist

• Communist

• Federalist

• Capitalist

Which option below defines economics?

• the study of the production, distribution, and consumption of goods and services

• The study of the Earth's atmosphere and its phenomena.
• The process of designing and producing goods and services.
• The study of animal behavior in their natural habitat.

In which economic system is the GOVERNMENT in control of land, resources, and factories but the PEOPLE still control some things as well?

• Socialism

• Capitalism

• Communism

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

• Communism

• Socialism

• Capitalism