ECONOMIC SYSTEMS VIDEO QUIZ

In a command economy, private individuals and businesses to determine what goods to produce, how much of these goods to produce, and at what cost to the consumer.

False

What type of economy does the United States have?

mixed economy

In a Command economy, who answers the economic questions?

The Government

What is a Mixed Economy?

A type of economy with characteristics of free market and socialist (gov. intervention) economic systems

What are two different types of economies.

Market Economies (Capitalist) and Planned Economies (Communist)

Which type of economic system does China have?

Mixed Economy- Socialist Market Economy

What is communism according to Karl Marx?

The abolition of private property where there is a true classless society

What is the role of government in a Free Market?

To maintain the rule of law, take care of public goods and services, and to regulate businesses when needed

In a free-market economy, individuals and businesses determine what goods to produce, how much of each good to produced, and at what cost to the consumer.

True

Which of these countries has never had a Command Economy?

United States

What three questions do economic systems answer?

What will we produce? How will we produce it? Who gets it?

What is a free market economy?

Where individuals own the factors of production and government keeps their hands out of the economy