Crash Course-Economic Systems

Check all that apply: What do we all have to figure out regarding our economic system?

• What will we produce?

• Who will produce it?

• How will we produce it?

• Who gets it?

Check all that apply: What did theorist Karl Marx classify as needed to produce things?

• Land

• Labor

• Ideas

• Capital

What does production really stem from?

• The resources the people want to use to make things

• What the government deems neccessary for the people

• Who owns the companies who produce things

• The major inputs needed to make things

According to the video, what type of economy is it where the government controls the factors of production?

• Market economy

• Planned economy

• Mixed economy

• Traditional economy

What is true communism according to Karl Marx?

• Abolition of private property

• Abolition of productive rights

• Control of buyer's choice

• Control of production and banking industry

Check all that apply: What do businesses in free market economies make things for?

• To make a profit

• To control buyers

• To influence government policy

• To control foreign sellers

What does the government need to maintain in a free market?

• The rule of law

• Innovation

• Transparency

• Price gouging control

What is one thing the government must often step in to regulate in a free market economy?

• Production of imports

• Production of exports

• Production of cars

• Price gouging

What type of economy is China considered to have?

• Command economy

• Socialist market economy

• Communist market economy

• Traditional economy

Check all that apply: What does the circular flow model include?

• Businesses

• Individuals

• Households

• Government