2-6 Compare Types of Economic Systems Quiz Business U

What are Capital Goods?

• The physical assets used to produce goods and services

• The financial assets used for investment

• The intangible assets like patents and copyrights

• The human skills and expertise

What is Capitalism?

• An economic system where companies are government-owned

• An economic system where companies are privately-owned

• An economic system where resources are equally distributed

• An economic system with no private property

What is another name for a Centrally Planned Economic System?

• Free Market System

• Command Economic System

• Mixed Economic System

• Traditional Economic System

What is a key feature of Communism?

• Privately-owned property

• Government ownership of production

• Market-driven prices

• Profit-motive

What does Economics study?

• The history of economic systems

• How societies make decisions about resources

• The political impact of economic policies

• The cultural aspects of trade

What are Human Resources?

• The physical assets of a company

• The people assets who work for an organization

• The financial investments of a company

• The technological resources of a company

What is a characteristic of a Centrally Planned Economic System?

• Decentralized decision-making

• Market-driven production

• Centralized resource allocation

• Private ownership of companies

What is the role of Human Resources in a business?

• Managing financial assets

• Recruiting and training employees

• Developing marketing strategies

• Producing goods and services

What does a Command Economic System involve?

• Market-driven prices

• Private ownership of resources

• Centralized control of production

• Decentralized decision-making

What is a Mixed Economic System?

• An economic system that relies solely on capitalism

• An economic system that is a blend of capitalism and socialism

• An economic system that relies solely on socialism

• An economic system with no government regulation