Economic Systems

Question 1

What is the main difference between Communism and Socialism?

Accepted Answer

Amount of Government Involvement

Question 2

What is the goal of Communism?

Accepted Answer

Total "Equality"

Question 3

What concept are Free Enterprise economies based on?

Accepted Answer

Supply & Demand

Question 4

Economic System in which habit and custom determine the rules for all economic activities.

Accepted Answer

Traditional

Question 5

What is the goal in a Traditional Economy?

Accepted Answer

Survival

Question 6

Belief that government making economic decisions benefits all of society, not just a few people

Accepted Answer

Communism

Question 7

What don't businesses do under a Communist economy?

Accepted Answer

Make their own decisions

Question 8

What is the goal of Free Enterprise?

Accepted Answer

Profit

Question 9

What is an example of a pure Free Enterprise economy?

Accepted Answer

Does Not Exist

Question 10

System requiring strict government control of all parts of the society and economy.

Accepted Answer

Communism

Question 11

What is the goal of Socialism?

Accepted Answer

Reduce Poverty

Question 12

Who makes decisions in a communist economy?

Accepted Answer

Political Party

Question 13

Economic System where individuals and private groups make decisions about what to produce.

Accepted Answer

Free Enterprise

Question 14

What is the role of government in Free Enterprise?

Accepted Answer

Limit Regulations

Question 15

What is an Economic System?

Accepted Answer

How production / distribution of goods and services are organized

Question 16

What is the governments role under in Socialism?

Accepted Answer

Laws/Incentives to Balance Wealth

Question 17

The benefit/cost of the Free Enterprise System is that -

Accepted Answer

There are both rich and poor

Question 18

System where the government owns some key industries, but NOT all businesses

Accepted Answer

Socialism

Questions 18