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Economic Systems Review Flashcards | StudBud
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Economic Systems Review
Economic Systems Review
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Questions
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Answers
1
Main features of capitalism include:
Free enterprise
All of the above
Profit motive
Private Property
2
Karl Marx is considered to be the Father of...
Traditional Economy
Free Enterprise
Socialism
Communism
3
What is a monopoly?
A cool board game
When a producer has cornered the market with no competition
A communist
A socialist
4
The goal of communism, according to Marx, was what?
Creating Monopolies
Revolution
Competition
Classless society
5
What is the free enterprise system?
Free stuff
Allow people to have their own business
Government owns businesses
Military based
6
What countries still subscribe to the command economic system?
All of the above
China
North Korea
Cuba
7
Adam Smith suggested that Govt. should take a "laissez-faire" approach to economies, meaning
Government should leave economy alone
Government should control economy
There should be a little Government control
All of the above
8
Which group has the most impact on economic decisions in a communist economic system?
Consumers
Government officials
Producers
Farmers
