Economic Systems

Front

Who has the ultimate control in a command economy?

Back

The Government

Front

What is the economic system where both the government and private sector participate in economic decision making?

Back

mixed economy

Front

In which type of economy do both market forces and government planning play a role?

Back

Mixed economy

Front

What type of economy is characterized by a dictator making all economic decisions, as seen in North Korea?

Back

Command

Front

In which type of economy does the government not interfere in the business activities?

Back

Market

Front

Isla started a business and she has the freedom to produce whatever she thinks Liam and Oliver, her potential consumers, will buy

Back

Market

Front

Why do incentives matter in an economic system?

Back

They punish or reward decisions or motivate greater effort.

Front

A farmer working in his field is an example of which Factor of Production?

Back

labor

Front

The term, "land" means:

Back

The natural resources used to produce goods or services.

Front

Which activity is an example of investing in physical capital by a company? Options: constructing a new factory, throwing away old delivery trucks, giving workers more time off to rest, training workers to do their jobs better

Back

constructing a new factory