Review for Economy Unit Assessment

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

Economic system associated with capitalism

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

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

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

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

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

Economic system associated with socialism

Something you must have to survive.

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

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

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

Economic questions answered by just the government.

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

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

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

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

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

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

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

Economic system used by most nations.

Which economic system is used by the United States?

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

Economic questions answered by customs and family history.

Considered the oldest and may use barter instead of money?

Economic questions answered by businesses, consumers and the government.