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Economic systems
Economic systems
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Economic Systems study quiz
Flashcards
11 cards
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Questions
11
Answers
1
When a business has total control over a product or service is called?
free market
collectivization
monopoly
capital
2
Government owns major industries, but allows private individuals to set up small businesses.
Socialism
Communism
Capitalism
Laissez-Faire
3
Who makes the decisions in a communism in theory system?
government
private individuals
mixture of government and private individuals
the workers
4
Who makes economic decisions in a capitalism economy?
the government
private individuals
mix between government and private individuals
the workers
5
Government ran businesses being converted to individual businesses. This process is known as
collectivization
The annexation of Puerto Rico
restructuring
privatization
6
Business finding one state more beneficial then another is a result of?
majority rule
republic
federalism
sovereignty
7
In what type of economic system is all land owned by the government and elections are monitored
socialism
capitalism
communism
mixed market economy
8
in socialism, who makes economic decisions?
a mixture of both the government and private individuals
the government
private individuals
the workers
9
A free market is MOST LIKELY to exist in a nation with
command economy
absolute monarchy
democratic republic
communist state
10
In the economic system of communism who makes the decisions?
private individuals
both the government and private individuals
the workers
the government
11
What kind of feelings might exist in a country that is ripe for accepting a socialist approach?
incentive to work hard for the their boss and factory
Workers feel underpaid not appreciated & taken advantage of.
they like government involvement through regulations
workers feel that the service and industry are poor quality
