In our economic system we have three main resources that are combined into goods and services. In this quiz we will test the users knowledge of the importance of scarcity of resoures in economics and how effectively the various economic systems attempt to allocate these resources. Knowledge of how different economic systems work will also be tested here.
Communism
Free market economy
Latent economy
Mixed economy
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It gives people choice, freedom and the ability to make a profit from using resources more efficiently.
Resources are controlled by the state, allocating them when needed.
The resources are centrally planned by the authority
Everybody will benefit in an equal way
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Demand economy and supply economy
Free trade and command economy
Command and free market economy
Demanding and free economy
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Yes - companies like G4S have provided an excellent service, providing security for the Olympic games
Yes - A4e is escellent at providing employment services with no corruption
Yes - in general public sector privatistion can lead to lower prices due to competition, with some exceptions
Yes - privatization leads to employment
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NHS, DVLA, local council,local housing associations
Virgin trains,BT,and National express
Manufacturing, hospitality, service industry
IT,Shipping,and Oil exploration
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In a world of limited resources, it protects and make a fair and efficient use of these resources.
It gives wealth to the rich and protects the poor
Competition provides the market with competitive prices of goods and services
People are motivated and utilizes resources efficiently
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Banking
Government, local council,police
University,schools,teachers
Mining, farming, fishing
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No - In general it does not make effective use of resources, and increases national debt.
Yes - it gives people of all incomes health care through private companies
Yes - it provides for a mostly upper class population
No - it would put more people out of work
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Chewing gum
Petrol and oil
Gas and coal
Rain forest in the Amazon
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