Unit 2: Economic Systems Review Quiz!

Makes up the "foreign sector" in GDP calculations

More goods and services

In this economic system, the government owns basic productive resources

Current unemployment rate is roughly (pretty low)

Encourages people to improve their material well-being

Profit for Marx

Tax in which everyone pays the same %

This economic system is called organized chaos.

Sales tax is an example of

In this economic system, supply and demand determine prices

Intermediate goods are counted in GDP

Act of buyers and sellers freely engaging in market transactions

In this economic system, there is high consumer satisfaction

Decentralization is a key feature of this economic system

This economic system may provide incentive but NOT innovation

Father of Communism

NOT ranked on the Heritage Freedom Index

In this economic system, state officials answer the three basic questions

This economic system is efficient

Surplus value

Measure of all final goods, service, and structures a country produces within its borders

In this economic system, there is no incentive to work

This economic system is supposed to be completely sharing, only consuming what you need

Determines what's produced in a free enterprise economy

Bourgeoisie; Proletariat

Most economies today are

Protection from injuries

According to Marx, workers feel disconnected with their jobs

Entitles people to own and control their possessions

Father of Modern Communism