Economic systems

Question 1

Production process requiring large amounts of capital in relation to labor.

Accepted Answer

Capital intensive

Question 2

Economic system characterized by a central authority that makes most of the major economic decisions.

Accepted Answer

Command economy

Question 3

Certificates that could be used to purchase government owned property during privatization.

Accepted Answer

Vouchers

Question 4

Economic system in which resources are handed out based on ritual, habit, or custom.

Accepted Answer

Traditional economy

Question 5

Economic system in which private citizens own and use factors of production to generate profits.

Accepted Answer

Capitalism

Question 6

Conversion of state owned factories and other property to private ownership.

Accepted Answer

Privatization

Question 7

Economic system that has a combination of traditional, command, and market economies.

Accepted Answer

Mixed economy

Question 8

Shift of an economy, from private ownership to government ownership.

Accepted Answer

Nationalization

Question 9

Meeting place or arrangement where buyers and sellers interact.

Accepted Answer

Market

Question 10

Economic and political system in which factors of production are owned and directed by the state.

Accepted Answer

Communism

Question 11

Organized way a society provides for the wants and needs of its people.

Accepted Answer

Economic systems

Question 12

Economic system in which supply, demand, and the price system help people allocate resources.

Accepted Answer

Market economy

Question 13

Market in which goods and services are sold illegally.

Accepted Answer

Black market

Question 14

Economic system which government owns some factors of production.

Accepted Answer

Socialism

Questions 14