Economics Crash Course 3

Question 1

What two economic systems are Polar opposites?(two answers)

Accepted Answer

Capitalism, Command

Question 2

Who is the "Father " of Communism/Command Economics?

Accepted Answer

Karl Marx

Question 3

Economic system where private ownership and PROFIT are fostered...

Accepted Answer

Free Market/Capitalism

Question 4

How do people choose their economic type/style?

Accepted Answer

Personal beliefs/choices

Question 5

According to Karl Marx a command makes....

Accepted Answer

Everyone equal

Question 6

What's good/bad about free market?

Accepted Answer

Social mobility (Up and Down)

Question 7

The study of how people get the goods and services they need is called...

Accepted Answer

Economics

Question 8

What is job specialization?

Accepted Answer

Doing one job

Question 9

The choice between making Military or consumer goods with the limited amount of resources.

Accepted Answer

Guns and Butter

Question 10

The combination of Command and free market economic principles is?

Accepted Answer

Mixed economy

Question 11

Laissez faire means?

Accepted Answer

No government in business/Hands off!!!

Question 12

The circular flow model shows?

Accepted Answer

How goods/services go from Producers and consumers.

Question 13

The competition in the market place, goods bought live on-those not bought Bye-Bye!

Accepted Answer

Invisible hand

Question 14

Economic system where the Government owes the resources and factors of production...

Accepted Answer

Command

Question 15

Who, What and How in regards to a product are called?

Accepted Answer

Key economic questions

Questions 15