Econ Unit 2 - Economic Systems/Property Rights

Which system is it when the government produces and distributes goods and services?

He wrote the Communist Manifesto.

He is considered to be the father of modern economics.

This is when the desires and needs of consumers control the output of producers in a market.

This is the legal protection for the inventors of ideas, products, and processes.

Which economic system is it when goods and services are allocated through market prices?

This type of economic system has government ownership of property.

This is the legal protection for the authors of literature and music.

Most industrialized nations in our world are this type of economy.

This is the legal protection for the boundaries and possession of property.

The Amish society is an example of this type of economic system.

Adam Smith believed all of these EXCEPT:

Karl Marx believed in equal distribution of wealth.

The United States is an example of this type of economic system.

Cuba is an example of this type of economic system.