Unit 1 &2 review

incentive to work, save, and invest are all characteristics of what economic system

• socialism

• communism

• authoritarianism

• free enterprise system

lower prices for products is a result of competition in a ---

• democracy

• communism

• free enterprise system

• socialism

paying rent instead of purchasing tickets to a concert is an example of--

• scarcity

• property rights

• opportunity cost

• capitalism

Which of the following is a basic characteristic of all economic systems?

• price controls

• wage incentives

• small business owners

• distribution of goods an services

Which of the following is a benefit of the US free enterprise system

• equal distribution of goods and services

• amount of choices for consumers

• lack of union participation by workers

• guaranteed returns on investments

Markets that respond to consumer demand is a characteristic of what economic system?

• US Free Enterprise

• Socialism

• Communism

• Marketism

What type of economic system is based on customs, beliefs, and history, with economic decisions based on how they were made in the past?

• Market economy

• Command economy

• Traditional economy

• Mixed economy

- Economic System

- No government interference

- Owners of capital are free to do as they like

• Free Enterprise

• Command Economy

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

• Communism

• Socialism

• Capitalism

• F

• G

• H

• J