Duplicate of Economic Systems

Question 1

Which is not one of the three decisions economic systems must make?

Accepted Answer

How much goods should cost?

Question 2

What do people choose under the market system?

Accepted Answer

choose products they will or will not buy as shoppers

Question 3

requires strict government control of almost entire society + economy

Accepted Answer

Communism

Question 4

Economic system in which the government makes all decisions.

Accepted Answer

Command

Question 5

Which is not one of the three economic types?

Accepted Answer

Domestic

Question 6

System where the government supports free enterprise through decisions that affect the market.

Accepted Answer

Mixed

Question 7

What won't businesses do under a command economy?

Accepted Answer

Make their own decisions

Question 8

What determines the difference between communism and socialism?

Accepted Answer

amount of government involvement

Question 9

democracies + people have basic human rights +elect political leaders

Accepted Answer

Democratic Socialism

Question 10

Economic system in which habit and custom determine the rules for all economic activity.

Accepted Answer

Traditional

Question 11

What is used to ensure decisions are executed under command/communist economy?

Accepted Answer

Political Party

Question 12

Economic system in which individuals and private groups make decisions about what to produce.

Accepted Answer

Market

Question 13

What is the goal of Socialism?

Accepted Answer

equal distribution of wealth

Question 14

Belief that economic decision making benefits all of society and not just a few people

Accepted Answer

Command Economy

Question 15

What is the government's role under a mixed economy?

Accepted Answer

supports and regulates free enterprise through decisions.

Question 16

What are market economies based upon?

Accepted Answer

Free Enterprise

Questions 16