Quiz: Economic Systems; Odysseyware

_____ is another term for a market economic system. Capitalism
What is the best definition of an economic system? Process by which people choose how to use limited resources in order to meet their needs
This economic system is characterized by the unregulated exchange of goods and services. Free Market
Match the following items.1. Free Enterprise System 2. mixed economy 3. the former Soviet Union 4. land and capital 3. Command economy 2. Private and state ownership of business 1 Private ownership of capital 4. Factors of production
Capitalism has evolved away from pure capitalism into ______________ throughout much of the world. Mixed Economy
Match the following items.1. Laissez-faire 2. Economist3. Physiocrat 4. Production5. Capital 6. Barter 2. A person who studies the field of economics1. An economic doctrine that opposes government interference in economic activities 5. To trade goods or services without the exchange of money4. Something that is produced; a product 6. Money that is used to produce greater wealth3. An eighteenth-century French economist
The goal of a command system is _____. To make members of society more equal
Mercantilists stated that a country’s wealth and strength came from the ability to _____. Hoard precious metals
Which economic system allows for less freedoms of innovation? Command Economy
Adam Smith wrote the famous economics book _____. The Wealth of Nations
Which of the following best illustrates the traditional economic system? Passing clothes down from older to younger brother.
Stratification is _____. The categorisation of society into social classes

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