1st 9 Weeks Test Review

Front

In this type of economy, the people decide the supply, demand, and price.

Back

Market

Front

This type of economy is passed down through family traditions. They learn from their parents.

Back

Traditional

Front

Which type of economy has central ownership, the government, and lack of individual choice? Options: Market, Mixed, Command, Traditional

Back

Command

Front

Which type of economy is usually paired with a Communist government?

Back

Command

Front

Who invented communism?

Back

Karl Marx

Front

Capitalism is in what type of economy?

Back

Market

Front

Markets involved in the circular flow model: Factor Market and Resource Market, Labor Market and Product Market, Factor Market and Product Market, Resource Market and Labor Market

Back

Factor Market and Product Market

Front

This means that the government should not interfere in the marketplace.

Back

Laissez Faire

Front

Focusing on a narrow range of products/services that can be produced most efficiently and cost-effectively.

Back

specialization

Front

Competition and profit motive are important characteristics of a: command economy, traditional economy, market economy, socialist economy

Back

market economy