Review for Economy Unit Assessment

A system in which people, produce, sell and buy (trade) things.

No economic uncertainty and public services are provided, but no economic freedoms and it requires a large government.

An economic system that favors government ownership of businesses and distribution of goods.

Economic questions answered by businesses, consumers and the government.

There is no economic uncertainty, and the least environmental impact, but there is stagnation and no economic freedom.

A Mixed Economy is a mixture of which two economic systems?

Innovation and motivation are high, but this system fails to meet basic needs for everyone. No public services provided.

Economic system that favors private ownership of businesses and prices are determined by the law of supply and demand.

An economic theory which advocates for the elimination of private property and creating a classless society.

The United States ranks the highest on an economic freedom index and is closer to pure capitalism than any other country

A term that means the same as government or central authority. Refers to the government workers who manage things.

Consumer satisfaction and economic freedom are high, but there is a lot of economic uncertainty and can easily fail.

A term that refers to when a society's standard of living is not improving.

China ranks the lowest on an economic freedom index and is closer to pure Socialism than any other country.

Economic questions answered by just the government.

Economic questions answered by customs and family history.

Economic system associated with socialism

Which economic system is used by the United States?

Which of the following is NOT one of the questions economic systems are designed to answer?

Economic system associated with capitalism

Something you must have to survive.

Considered the oldest and may use barter instead of money?

The basic economic problem is _________. When either the supply or demand of a goods or service is limited.

Economic system in which the unemployment rate is very low and the government owns all the property.

Economic system used by most nations.

Provides varying degrees of economic freedom, innovation, motivation, and public services, but needs a large government.