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is another term for a market economic system.
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capitalism
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What is the best definition of an economic system?
economy based on traditional production methods
process by which people choose how to use limited resources in order to meet their needs
government makes the best decisions
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2
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This economic system is characterized by the unregulated exchange of goods and services.
Mercantilism
Communism
Socialism
Free Market
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4
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Match the following items.
1. Free Enterprise System
4
factors of production
2. mixed economy
2
private and state ownership of business
3. the former Soviet Union
1
private ownership of capital
4. land and capital
3
command economy
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…
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Capitalism has evolved away from pure capitalism into ______________ throughout much of the world.
traditional economy
mixed economy
pure capitalism
command economy
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2
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Match the following items.
1. Laissez-faire
6
to trade goods or services without the exchange of money
2. Economist
5
money that is used to produce greater wealth
3. Physiocrat
4
something that is produced; a product
4. Production
1
an economic doctrine that opposes government interference in economic activities
5. Capital
2
a person who studies the field of economics
6. Barter
3
an eighteenth-century French economist
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…
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The goal of a command system is _____.
to preserve the past
to maximize profits
to make members of society more equal
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3
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Mercantilists stated that a country’s wealth and strength came from the ability to _____.
hoard precious metals
maintain a large military
own more colonies
import more than it exported
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1
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Which economic system allows for less freedoms of innovation?
traditional economy
mixed economy
pure capitalism
command economy
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4
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Adam Smith wrote the famous economics book _____.
The Wealth of Countries
The Rise of Mercantilism
The Wealth of Nations
The Wealth of Economic Systems
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3
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Which of the following best illustrates the traditional economic system?
label reading Made in China
passing clothes down from older to younger brother
choosing to start a sub sandwich restaurant
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2
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Stratification is _____.
the division of classes based on heredity
a society’s placement of families into categories
a way to determine socioeconomic status
the categorization of society into social classes
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4
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