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Chapter 1, Lesson 3: Economic Systems Flashcards | StudBud
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Chapter 1, Lesson 3: Economic Systems
Chapter 1, Lesson 3: Economic Systems
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Economic Systems
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1
Which is one predicted result of a
laissez-faire
system?
producers compete for resources
unlimited supply of consumer products
more government involvement in business
better workplace conditions for workers
2
In a true free market economy, what would occur?
workers would obtain fair wages by law
successful producers would be given tax breaks
safety regulation would offer consumer protections
access to natural resources would be uncontrolled
3
Which of these is a characteristic of a command economy?
consumers can buy whatever goods they want
natural resource extraction is controlled by the states
unions ensure fair treatment of workers
the proletariat produces goods that improve the economy
4
What is the main goal of a mixed economy?
to get rid of high taxation
to promote individual and social rights
to ensure fairness in business
to gain private property
5
What are the four factors of production?
free enterprise, command economy, socialist economy, mixed economy
producers, consumers, distributors, entrepreneurs
labor, resources, capital, entrepreneurship
laissez-faire, bourgeoise, proletariat, invisible hand
6
How was Marx's view of communism different than what exists today?
currently, people live in a classless, agricultural society
in the vision, no economic system would be needed
Currently, people share power with the government
in the vision, property would collectively belong to the people
7
What is the term for ownership of the means of production by all members of a group?
private property
collective ownership
8
Which term indicates ownership by an individual or business?
collective control
collective property
private property
state-controlled
9
Which is a socialist aspect of the American mixed economy?
education through high school is free
American-made goods can be sold in all 50 states
private health insurance marketplace
consumers can decide to buy wind energy from power company
10
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a socialist economy.
It is a mixed economy.
It is a free market economy.
It is a command economy.
11
Three basic types of economic systems are:
what to produce, how to produce, who will receive the goods and services
free market, natural resources, labor
individual rights, state rights, mixed rights
free enterprise, command economy, mixed economy
12
Adam Smith wrote
Wealth of Nations
, which explained the concept of __________ economics.
mixed
socialist
communist
laissez-faire
13
Albion has no government regulation of industries and uncontrolled access to resources.
It is a mixed economy.
It is a socialist economy.
It is a free enterprise economy.
It is a command economy.
14
How do the goals of socialism and capitalism differ?
capitalism stresses government regulation
socialism stresses choice
capitalism stresses private ownership of businesses
socialism stresses individual rights
15
Utopia's government owns all of the industries, but people are still able to have private property.
It is a command economy.
It is a laissez-faire economy.
It is a socialist economy.
It is a free market economy.
