Economic Systems Review

Front

In which economic system is the protection of private property rights essential? Options: Command, Traditional, Market, Socialism

Back

Market

Front

In which economic system does the government answer all three of the big economic questions? (What to produce? How to produce? For whom to produce?)

Back

Command

Front

Based on the passage, East Germany's government planned to transform its economy from:

Back

Command to mixed

Front

Which of the following best explains a mixed economy?

Back

Private ownership of the factors of production and regulation of businesses by government

Front

_____________ are a positive incentive for entrepreneurs to start a business despite the risks.

Back

Profits

Front

In a __________________ economy, families, clans, or tribes make economic decisions based on generational customs and beliefs.

Back

Traditional

Front

For markets to work efficiently, _________________ need to be well defined and enforced by law, otherwise trade would break down.

Back

private property rights

Front

Place where buyers and sellers meet to exchange goods and services for money

Back

Market

Front

In the products market, what do firms do? Options: firms buy goods and services from households, firms sell goods and services to households, firms sell resources to households, firms buy resources from households

Back

firms sell goods and services to households

Front

What does government provide with the revenue it takes in from taxes?

Back

Public goods and services