1.2: Economic Systems

Front

Characteristics of capitalist economic systems (except):
- Profit incentives
- Free markets
- Private property protections
- Public ownership

Back

Public ownership

Front

An economic system based on public ownership and state management of capital resources.

Back

Socialism

Front

Countries with a Communist-led government and socialist economy: China, Cuba, Vietnam, India. Which one does not belong?

Back

India

Front

Each of the following is an example of state planning as a driver of economic activity under capitalism, except:

• Military defense
• Education
• Universal healthcare
• Restaurants

Back

Restaurants

Front

In the 20th century, the Soviet Union and Eastern European states were examples of what economic system?

Back

Command-based socialism

Front

Today, the People's Republic of China illustrates the concept of:
- Socialism with markets and state-planning
- Socialism driven only by markets
- Socialism driven only by state-planning
- Capitalism driven only by markets

Back

Socialism with markets and state-planning

Front

In economics, a 'capitalist' is someone who:

Back

Privately owns or invests in capital resources

Front

A socialist criticism of capitalism might be:
- It drives innovation
- It is highly stable
- It generates inequality
- It raises living standards

Back

It generates inequality

Front

Why do different countries have different economic systems?

Back

Each country has its own unique history and conditions