13 Questions
What is the fundamental concept behind why people can charge money for resources?
Scarcity
In which economic system are the means of production often owned or controlled by the state or the community?
Socialism
Which economic system aims for a classless and stateless society with collective ownership of all means of production?
Communism
What is the driving force in capitalism, where individuals and businesses operate for profit?
Competition
In which economic system does the market play a significant role in determining prices and allocating resources?
Capitalism
Which concept refers to the necessity for individuals to make choices about what goods and services to purchase due to limited resources?
Opportunity cost
Which economic system aims to achieve economic equality and reduce social inequalities through redistribution of wealth and social welfare programs?
Socialism
What is the primary focus of capitalism?
Individual ownership
Which factor is NOT mentioned as a requirement to start a tailoring or garment-making business?
Financial resources
How is the economy of China characterized in comparison to the U.S. free enterprise system?
Elements of state control and planning
What does opportunity cost represent?
Value of foregone alternative
What does Jenny's opportunity cost amount to when she chooses to purchase a computer instead of a new television?
A new computer
What type of economic system emphasizes collective ownership and equality?
Communism
Test your knowledge of economic concepts such as scarcity, opportunity cost, socialism, communism, and capitalism. Understand the fundamental idea that resources are limited and how it affects economic systems and individual decision making.
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