Understanding Economic Systems Flashcard

Front

Which is not an economic system? Options: Capitalism, Mutualism, Communism, Socialism

Back

Mutualism

Front

In which economic system is the GOVERNMENT in control of land, resources, and factories?

Back

Socialism

Front

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories? Options: Communism, Socialism, Capitalism

Back

Capitalism

Front

In which economic system are INDIVIDUALS in charge of owning land, resources, and factories?

Back

Capitalism

Front

Greed is a weakness of which system? Options: Capitalism, Communism, Socialism

Back

Capitalism

Front

Low production of resources is a weakness of which 2 systems? Options: Capitalism and Communism, Communism and Socialism, Socialism and Capitalism

Back

Communism and Socialism

Front

Very high taxes are a weakness of which system? Options: Capitalism, Socialism, Communism

Back

Socialism

Front

The government is fully involved in which economic system? Options: Capitalism, Socialism, Communism

Back

Communism

Front

The government is not involved at all in which economic system? Communism, Capitalism, Socialism

Back

Capitalism

Front

There is a great divide between people with high incomes and low incomes in which system?

Back

Capitalism