How does a command economy differ from a market economy?

Resources are allocated by government decisions

The key principle of the economic theory of communism is...

The government ownership, control and regulation of property

Why were socialism and communism so appealing to workers in the Industrial Revolution?

Government provides food, shelter, & work for the poor

Utilitarian philosophy believes governments should provide what?

The greatest good for the greatest number of people

Laissez faire refers to...

Keeping the economy free from government control

Social Darwinism is...

Economic survival of the fittest

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Nye Economic Systems

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Capitalism, communism, and socialism

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Questions 17

Answers

1
An economic system where you pay high taxes in exchange for services like free education is...
Capitalism
Socialism
Communism
2
What term refers to a perfect place?
Utopia
Bend High
Anarchy
Bourgeoisie
3
How does a command economy differ from a market economy?
There is a high rate of unemployment
Prices are set by consumers
Resources are allocated by government decisions
A variety of economic incentives encourage business growth
4
Generally when did the Industrial Revolution occur?
1400 to 1500
1750-1900
1491-1492
From 2000 to today
5
Which economic system has no competition?
Socialism
Capitalism
Communism
6
Who makes a majority of the decisions (pricing of goods & services) in a market economy?
Government and businesses
Businesses
Government
Citizens and businesses
7
The key principle of the economic theory of communism is...
Restoration of a bartering system in developing countries
Privatization of business and production of goods & services
The government ownership, control and regulation of property
Organization of workers’ unions in industrialized nations
8
What is tenement housing?
Cottages with puppet makers
Wooden shacks by the river
Crowded apartments in cities
Mansions
9
In which economic system is everything shared equally (even if you work harder than others)?
Capitalism
Socialism
Communism
10
Why did the wealthy love capitalism?
The government stayed out of their business decisions
They could keep whatever profits they made
Private property was allowed
All of the answers mentioned
11
Why were socialism and communism so appealing to workers in the Industrial Revolution?
Government provides food, shelter, & work for the poor
Marx offered them their own businesses if they joined him
Capitalism helped the poor & made the rich richer
They wanted the government to stay out of their business
12
Utilitarian philosophy believes governments should provide what?
The most support for the poor
Support survival of the fittest
What the upper class desires
The greatest good for the greatest number of people
13
What was Karl Marx's well known pamphlet called?
The Wealth of Nations
The Mistake of Mercantilism
Laissez Faire for Freedom
The Communist Manifesto
14
Laissez faire refers to...
A marketplace for buyers to meet sellers
Restricting child labor in factories
Making sure all corporations pay their workers well
Keeping the economy free from government control
15
Which economic system's main goal is to make a profit?
Socialism
Capitalism
Communism
16
What was Adam Smith's book called?
Laissez Faire for Freedom
The Mistake of Mercantilism
The Wealth of Nations
The Communist Manifesto
17
Social Darwinism is...
A party in the Galapagos
The Communist Manifesto
Economic survival of the fittest
Utopia

Nye Economic Systems Flashcards | StudBud