Economic Systems

Adam Smith's "invisible hand" works only in a

As a factor of production, capital means

Karl Marx founded the Soviet Union in 1960

The United States has what type of economy?

All of the following are driving forces of a market economy EXCEPT

Means whatever you are willing to sacrifice to meet your goals

A combination of traditional and market economies

All things politically and economically rest in the hands of the central government

According to Karl Marx, all of human history has been a struggle between people, governments, &

Adam Smith described an "invisible hand" in "The Wealth of Nations"

Scottish man who wrote "The Wealth of Nations" which discussed free market economy

Scarcity is a problem because of the tension between limited resources and unlimited

The type of government most often associated with a command economy is a(n)

Wealth should be distributed equally -political& economic equality must be together for it2work

Adam Smith wrote "The Communist Manifesto"

Micro-finance loans are UNSUCCESSFUL in helping the poor

German author who wrote "The Communist Manifesto" in which he wrote about revolution

The study of how people seek to satisfy their needs and wants by making choices

America has a free enterprise system

Free Market economics is based on the self-interest of the person

The Soviet Union was a Socialist government and not Communist

In a command economy, the government

Production Possibility Graphs show alternative ways to use economic resources

Kanye West is an entrepreneur because of his many different economic paths

Poverty is NOT an issue in the United States