Compare and contrast free enterprise, socialist, and communist economies in various contemporary societies, including the benefits of the U.S. free enterprise system.
The student understands the various ways in which people organize economic systems.
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Q 1/20
Score 0
In a pure traditional economy, production and distribution of goods are based on their past customs, practices, and beliefs.
30
False
True
Q 2/20
Score 0
All of the following are names for a market economy except for _________________.
30
Capitalism
Free Enterprise
Laissez-faire
Quota vs. Shortages
20 questions
Q.
In a pure traditional economy, production and distribution of goods are based on their past customs, practices, and beliefs.
1
30 sec
113.18.7.A
Q.
All of the following are names for a market economy except for _________________.
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113.18.7.B
Q.
A market economy is guided by the concept of supply and demand.
3
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113.18.7.A
Q.
There are many traditional economies in Europe.
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113.18.7.A
Q.
These two countries have slowly changed from a command economy to a mixed economy.
5
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113.18.7.B
Q.
The United States has a mixed economic system that blends elements of the market system and command system together.
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113.18.7.B
Q.
Entrepreneurs and corporations must follow ethical business practices which include all of the following except ...
7
30 sec
113.18.7.C
Q.
Command economic systems are sometimes referred to as a Communist economic system because of its close ties to the type of government it supports.
8
45 sec
113.18.7
Q.
The United Kingdom, the United States, and Germany are examples of a ________________ economic system.
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113.18.7.B
Q.
An example of a mixed economic system is where the government makes laws that regulate food preparation to protect citizens from getting sick.
10
30 sec
113.18.7.B
Q.
An economic system must answer 3 basic questions. Which one is not correct?
11
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113.18.7.A
Q.
North Korea is an example of a command economy that controls the supply, demand, and distribution of goods.
12
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113.18.7.B
Q.
Free enterprise will fail when the pursuit of profit is not held in control.
An example of this is the ...
13
30 sec
113.18.7.C
Q.
Competition is an important factor in countries that have command economies.
14
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113.18.7.B
Q.
Capitalism is often criticized for its emphasis placed on profit over quality.
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30 sec
113.18.7.C
Q.
North Korea has a command economic system which means the government controls everything. One example is
16
30 sec
113.18.7.B
Q.
The Amish are an example of a traditional economic system. Items produced in this society are used for survival, not profit.
17
30 sec
113.18.7.A
Q.
One benefit of the free enterprise system in America is the ________________ between companies which helps to keep the purchase price down for consumers.
18
30 sec
113.18.7.B
Q.
Which economic system fits into a democratic government?
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30 sec
113.18.7.B
Q.
One benefit of a command economy is _____________________.
