Basic Concepts Economics 2025

Which of the following is NOT one of the 3 pillars of Democratic Capitalism

When the price of a product goes down the _____ goes down

a central governmental authority dictates the levels of production that are permissible and the prices that may

What country is the best example of Communism?

A business or association usually formed to manufacture or supply products is called

Social equality and focus on reducing wealth disparities

Productivity and efficiency are difficult to achieve without profit motive for the workers

What’s an example of companies in the food industry you could invest in?

a system that combines aspects of both capitalism and socialism.

Which of these is a disadvantage in socialist economie

What is NOT one of the main influences on the market?

Economics is a social science that focuses on the production, distribution, and consumption of goods and ___

A policy of governmental non-interference in economic affairs

To reach team agreement on a decision is called

The idea that countries who are Democratic and have Capitalist economies never go to war with each other

What is ONE main economic principle of a Communist country

Why is capitalism often associated with democracy?

Which of the following is NOT a disadvantage of Socialism?

In a planned socialist system production is geared towards

What is the point where supply and demand meet called?

What are the market behaviors for supply and demand?

What kind of economy does a Communist country have?

many variations, depending on the level of planning vs market economy, the organization, & the role of the state

an economic system based on supply and demand with little or no government control