Economic System

An economic system in which business are allowed to produce any goods and services they wish is referred to as ...

• A centrally planned economy

• A pure market capitalist economy

• A mixed market capitalist economy

• A socialist economy

A situation that occurs when two or more businesses try to sell the same type of product to the same customers is referred to as ...

• Competition

• Factors of production

• Consumer goods

• Free enterprise

The items that consumers buy are called ...

• Private property

• Factors of production

• Producer goods

• Consumer goods

Things that are needed to produce goods and services are called ...

• Efficient use of resources

• Factors of production / resources

• Economic systems

• Private property

An economic system in which private property is almost totally restricted is called ...

• A mixed economy

• Competition

• Free enterprise

• A planned socialist economy

An economic system that has some government restrictions on the actions of individuals and businesses is called ...

• A mixed market capitalist economy

• Factors of production

• A centrally planned economy

• Free enterprise

Goods that are used to produce other goods are called ...

• Consumer goods

• Private property

• Producer goods

• Competition

Two basic types of economic systems are ...

• Natural resources, labour

• What to produce, how to produce

• Planned socialist, market capitalism

• Business, consumers

The words "producer goods" describe ...

• The final product that a producer makes

• The products made by all producers

• The goods used to produce other goods

• Equipment but not factories and offices

The phrase "profit is the incentive for business" means that profit ...

• Provides a strong reason to reduce investment

• Reduces the need for efficient use of resources

• Provides a reward for the risk and effort involved

• Provides the incentive to increase expenses