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Chapter 1, Lesson 3: Economic Systems Flashcards | StudBud
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Chapter 1, Lesson 3: Economic Systems
Chapter 1, Lesson 3: Economic Systems
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Economic Systems
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1
Utopia's government owns all of the industries, but people are still able to have private property.
It is a free market economy.
It is a laissez-faire economy.
It is a command economy.
It is a socialist economy.
2
Which of these is a characteristic of a command economy?
natural resource extraction is controlled by the states
the proletariat produces goods that improve the economy
consumers can buy whatever goods they want
unions ensure fair treatment of workers
3
Which is one predicted result of a
laissez-faire
system?
unlimited supply of consumer products
better workplace conditions for workers
producers compete for resources
more government involvement in business
4
How was Marx's view of communism different than what exists today?
in the vision, property would collectively belong to the people
currently, people live in a classless, agricultural society
in the vision, no economic system would be needed
Currently, people share power with the government
5
What is the term for ownership of the means of production by all members of a group?
private property
collective ownership
6
Which is a socialist aspect of the American mixed economy?
private health insurance marketplace
education through high school is free
consumers can decide to buy wind energy from power company
American-made goods can be sold in all 50 states
7
Neverland has a centrally planned economy where everyone collectively owns the property and resources.
It is a command economy.
It is a free market economy.
It is a socialist economy.
It is a mixed economy.
8
Adam Smith wrote
Wealth of Nations
, which explained the concept of __________ economics.
communist
laissez-faire
mixed
socialist
9
In a true free market economy, what would occur?
workers would obtain fair wages by law
safety regulation would offer consumer protections
access to natural resources would be uncontrolled
successful producers would be given tax breaks
10
What are the four factors of production?
labor, resources, capital, entrepreneurship
free enterprise, command economy, socialist economy, mixed economy
producers, consumers, distributors, entrepreneurs
laissez-faire, bourgeoise, proletariat, invisible hand
11
Albion has no government regulation of industries and uncontrolled access to resources.
It is a free enterprise economy.
It is a command economy.
It is a mixed economy.
It is a socialist economy.
12
How do the goals of socialism and capitalism differ?
capitalism stresses government regulation
socialism stresses choice
capitalism stresses private ownership of businesses
socialism stresses individual rights
13
Which term indicates ownership by an individual or business?
state-controlled
collective control
private property
collective property
14
What is the main goal of a mixed economy?
to gain private property
to get rid of high taxation
to ensure fairness in business
to promote individual and social rights
15
Three basic types of economic systems are:
individual rights, state rights, mixed rights
free enterprise, command economy, mixed economy
what to produce, how to produce, who will receive the goods and services
free market, natural resources, labor
