Economic Systems

Front

Main characteristics of a traditional economic system?

Back

Direct trade, no competition, relies on customs

Front

With which economic theory would Joseph Schumpter likely have agreed?
Options: socialism, traditionalism, capitalism, communism

Back

capitalism

Front

Economic Characteristics:

• The means of production are privately owned and operated for a private profit.
• The emphasis is on individual profit rather than on workers or society as a whole.

Which economic system does the above summary describe?

Back

market economy

Front

Which statement best describes a mixed economy?

• The government determines the production and distribution of goods and services.
• Some industries are owned by the state, and others are privately owned.
• The products that consumers demand determine what goods are produced.
• People produce the same goods, but in different amounts, every year.

Back

Some industries are owned by the state, and others are privately owned.

Front

In a traditional economic system, which type of goods is most often produced?
Options: agricultural products, heavy industrial machinery, military supplies, electronics and computers

Back

agricultural products

Front

Which economic enterprise would Adam Smith most favor?
Options: government-run railroad in Africa, medieval manor in Europe, commune in Communist China, privately owned factory in France

Back

privately owned factory in France

Front

An economic system in which the government owns most basic industries such as transportation, communications, banking. Nonbasic industries are privately owned.

Back

socialism

Front

An economic system in which people and privately owned companies own both basic and non-basic businesses and industries

Back

capitalism

Front

An economic system in which, in its pure form, all property such as farms, factories, homes are owned by the government for the benefit of all citizens. The central government essentially controls all aspects of citizens' lives.

Back

Communism