Economic Systems Quiz: Capitalism vs Communism

What economic system is characterized by private enterprise, freedom of choice, freedom to compete, limited government involvement, and prices set by supply and demand?

In which economic system does the state own essential industries like steel, utilities, transportation, while leaving other businesses in private ownership?

What term refers to the economic activity of a person who starts, manages, and assumes the risk of a business enterprise?

Which economic system is described as having state ownership of economic resources, social and economic equality, central planning, and no freedom of competition?

In which economic system are prices determined by the interaction of supply and demand forces?

Which economic system is characterized by a profit motive, private enterprise, and freedom to compete?

Which economic system is described as being midway between capitalism and communism and involves state ownership of some essential industries?

Spingler (1932) suggests that a society of culture is like a living thing that ______, lives, and dies.

According to Adam Smith, individuals seeking to work for their own welfare unknowingly promote what is best for the ______ and the society.

According to Adolf Hitler, the Racial Heritage theory stresses the belief that one race is superior to the other based on color, ______, and other geometric factors.

Eliworth Huntington (1915) proposed the Climatic Condition Theory, stating that climatic conditions determine the energy level of people as well as the rate of ______.

According to Tovenne Ace (1947), the challenge of the Natural Environment is the combination of geographic phenomena and ______ pressure of stimulation.

The Laizzes Faire theory advocates for non-interference of the government in economic activities and focusing efforts only on ______.

According to the Socio-Psychological Theory, people engage in entrepreneurial activities because of ______ interest.

The Cultural Diffusion theory states that the contact of a less developed society to a more developed one results in the latter influencing the ______.

Keynesian theory, proposed by John Maynard Keynes, suggests that the greater the population, the greater the demand and the more likely entrepreneurs need to ______.