When it comes to the world of economics the most important thing to do is to meet the supply in the market while maximizing profits or income. Economic systems as we learned are the means through which governments distribute resources to maximize income. Take up the quiz below and see how much of chapter two on economic systems you understood.
What to produce
Where to produce
For whom to produce
How to produce
Guaranteed social services
Consumer Protection
Better quality at lower prices
Restrictions on personal freedoms
Little individual incentive
High taxation
Freedom to make economic decisions
Uneven distribution of resources
Guaranteed basic standard of living
Better quality at lower prices
Innovative new products and services
Consumer protection
High taxation
Little individual incentive
Consumer difficulty in obtaining information
Uneven distribution of resources
Guaranteed basic standard of living
Total freedom to make economic decisions
Restrictions on personal freedom
Basic social services
High taxation
Many social services
Health-risk products
Uneven distribution of resources