stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Modern Economic Systems Flashcards | StudBud
Explore
/
Modern Economic Systems
Modern Economic Systems
12 terms
·
StudBud Administration
·
215 plays
#capitalism#communism#socialism
Flashcards
12 cards
F
Practice quiz
P
Host live
L
Questions
12
Answers
1
This economic system has created a wide gap between the rich and poor.
Communism
Capitalism
Socialism
2
In this economic system, the means of production are owned by the government.
Socialism
Communism
Capitalism
3
This economic system is based on private ownership of property and free trade.
Capitalism
Communism
Socialism
4
The goal under this system is a classless society.
Capitalism
Communism
Socialism
5
The United States currently operates under this economic system.
Capitalism
Socialism
Communism
6
Under this economic system, wealth is distributed EQUALLY among the people by the government
Capitalism
Communism
Socialism
7
Which of the following best describes what laissez faire means?
The government owns all means of production.
The government takes a hands off approach to the economy.
The government provides welfare services based on need.
The government places a lot of regulations on the economy.
8
Under this economic system, laissez faire is a major principle that is practiced.
Socialism
Capitalism
Communism
9
Under this system, the distribution of goods and services is based on individual need.
Communism
Capitalism
Socialism
10
Competition and profits are major features of this economic system.
Communism
Socialism
Capitalism
11
In this political and economic system, features of capitalism CANNOT exist.
Communism
Socialism
12
In this economic system, people pay high taxes in exchange for govt-run education & healthcare.
Capitalism
Socialism
Communism
