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WorksheetsEconomic Systems and Macroeconomics: Crash Course Economics
Total questions: 10
Worksheet time: 50mins
What three things do we, as a social order, need to figure out?
What will we produce?
How many of us are there?
How will we produce it?
Who gets it?
How much does it cost?
What are two type of economies discussed in the video?
communist economies
planned economies
socialist economies
market economies
What are the factors of production (the major inputs required to produce stuff)?
capital
labor
land
businesses
Who controls the factors of production in a planned economy?
government
classes
individuals
oligarchs
In a _______ economy, the government completely controls everything about the economy
command
controlled
efficient
invasive
Who owns the factors of production in a free market, or capitalist, economy?
individuals
government
classes
oligarchs
The concept of the "invisible hand" only applies to a very small part of the free market.
False
True
The free market can't produce everything we need as a society, so the government still has a role to play (like providing police officers and bridges.)
True
False
The United States has a _____ economy.
mixed
free
command
unregulated
The "circular flow model" involves the _____ market and the _____ resource market.
product
resource
free
command
