BE Final Exam Review - Part 3 [6085237]

an economic system in which all or many of the means of production and distribution are owned and controlled by the government.

• market economy

• command economy

• socialism

__________________: a command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution.

• communism

• market economy

• socialism

an economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace

• market economy

• traditional economy

• command economy

the organized way in which a country handles its economic decisions and solves its economic problems.

• economic system

• market economy

• traditional economy

______________: a modified command economic system in which government owns the basic means of production and allows private ownership of business as well.

• communism

• private ownership

• socialism

an economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace

• market economy

• traditional economy

• command economy

What economy is based on public or governmental ownership of the production and distribution of goods?

• traditional

• socialist

• mixed

Under which type of economy does the government own the basic means of production, but with some private ownership of businesses?

• command

• communism

• entrepreneurship

• socialism

What economy is based on public or governmental ownership of the production and distribution of goods?

• capitalist

• mixed

• socialist

• traditional

In a socialist economy, what determines how basic economic questions are answered?