Economic Systems

Communism is an economic system with private ownership of property.

• True

• False

Capitalism is an economic system with private ownership of property.

• True

• False

In a command economy the government determines demand and goods produced.

• True

• False

The factors of production are capital, land, and schooling.

• True

• False

The government controls the factors of production in a planned economy.

• True

• False

Canada is a communist country.

• True

• False

Cuba and North Korea are communits countries.

• True

• False

Adam Smith wrote about communism.

• True

• False

In a free market or capitalist economy individuals own the factors of production.

• True

• False

A laissez-faire approach to the economy means the government actively regulates the economy.

• True

• False