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Economic Systems
Economic Systems
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StudBud Administration
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Quiz on economic systems
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
Government owns manufacturing, businesses, & property & distributes wealth evenly
Bourgeoisie
Free Market
Capitalism
Socialism
2
Economic system based on money in which industry is controlled by private owners for profit
Socialism
Command economy
Capitalism
Communism
3
Government controlled economy
mixed economy
free market
command economy
capitalism
4
No one controls the economy. What to make, how to make it & price is determined by the consumer
Socialism
Command Economy
Free Market Economy
Planned Economy
5
Karl Marx believed
the working class would overthrow the wealthy
the invisible hand
in minimal government intervention
in lassiez faire policies
6
The ability of the market place to respond to public demands without government involvment
invisible hand
communism
means of production
laissez faire policy
7
Property and the means of production should be owned by businesses and individuals is a
socialists belief
a communist belief
capitalist belief
belief of Karl Marx
8
All of the following are true about mixed economies EXCEPT
follow a free market
most modern day countries
the government intervenes
result in a classless society
9
Resources, tools and infrastructure used for making stuff
mixed economy
free market
means of production
capitalism
10
Adam Smith believed in all of the following EXCEPT
Free Market
a classless society
Invisible hand
laissez faire policy
