Topic 2 Economic Systems

Who is given credit for writing the Communist Manifesto and introducing the economic theory of communism?

Which is the closest example of a market economy?

Who owns the factors of production in capitalist nations?

What is a disadvantage of a command economy?

Which of the following would best illustrate a command economy?

Which economic system is most likely to ensure economic growth, economic freedom and competition?

A method of deciding how a society will allocate or distribute scarce resources.

What is an advantage of a traditional economy?

Which of the following is not a pure economic system?

What is an advantage of a market economy?

Who is the father of modern day economics that focused on the use of markets and the invisible hand?

Which of the following is NOT a type of mixed economic system in practice or in theory?

Which type of economic system allows both private citizens and its government to own the factors of production?

Who or what determines what is produced in a traditional economy?

Which economic system ensures equity amongst its citizens the best?

Which would be an example of a traditional economy?

Who answers the basic economic questions in a command economy?

Which type of economic system do most countries identify as today?

Who or what makes decisions on what to produce in a market economy?

Which of the following is NOT one of the three basic economic questions