Chapter 26 Economic Systems Taylor 2015

Question 1

What is the rights of individuals and groups to own property?

Accepted Answer

Private Property Rights

Question 2

In which economic system does the government decide what goods and services will be produced?

Accepted Answer

Command

Question 3

What is the effort between two or more people to try to get the business of others?

Accepted Answer

Competition

Question 4

What is the term for a system in which society's leaders make all economic decisions?

Accepted Answer

Centrally Planned Economy

Question 5

From who's ideas was communism developed?

Accepted Answer

Karl Marx

Question 6

What is the best example of a command economy in the modern world?

Accepted Answer

North Korea

Question 7

Which economic system is based on individual choice?

Accepted Answer

Market

Question 8

What is the government system in which the government owns factors of production?

Accepted Answer

Socialism

Question 9

What is the concept that consumers have to power to purchase what they want, giving them power?

Accepted Answer

Consumer Sovereignty

Question 10

What economic system is based on private ownership of the factors of production?

Accepted Answer

Capitalism

Question 11

What is the french term meaning "leave things alone"?

Accepted Answer

laissez faire

Question 12

Which economic system does the United States have?

Accepted Answer

Mixed-Market

Question 13

Which economic system is based on customs or beliefs passed down generation to generation?

Accepted Answer

Traditional

Question 14

What is the term for a system that requires absolute obedience to authority?

Accepted Answer

Authoritarian

Question 15

What is the extreme form of socialism?

Accepted Answer

Communism

Questions 15