stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economic Systems Flashcards | StudBud
Explore
/
Economic Systems
Economic Systems
11 terms
·
StudBud Administration
·
97 plays
Industrial Revolution
Flashcards
11 cards
F
Practice quiz
P
Host live
L
Questions
11
Answers
1
Karl Marx, the creator of communism, wanted everyone to have
an equal share of the economic wealth
the right to own private property
2
Which is
NOT
a feature of a communist economy?
yellow
green
red
blue
3
In capitalism, what will prevent people from charging high prices?
cooperation for profit
conflict for resources
nationalism for country
competition for profit
4
When did mercantilism occur?
WWI & Industrial Rev
Exploration & WWI
Industrial Rev & Exploration
5
What developed as a response to the factors seen in the diagram?
capitalism
communism
barter
mercantilism
6
During the Industrial Revolution, the
major
criticism of capitalism was that
the wealth was distributed unequally
the upper class was forced to live in poverty
the people were all equal but no variety
it didn’t produce enough wealth for big businesses
7
What is a negative of mercantilism?
colonizers benefit while colonies suffer
colonies benefit while colonizers suffer
people use money but prices are unfair
8
Which economic system is being described?
capitalism
mercantilism
communism
socialism
9
What would cause prices to go up in a market economy?
Government sets the price
Supply goes down
Demand goes down
10
What is the first economic system?
mercantilism
traditional
free market
command
11
According to the quote, Marx & Engels felt that factory workers in England
were becoming too wealthy
were being exploited by the middle class
