Answer the following questions.1) Match the characteristics with the economic systems. Answers may b


Answer the following questions.1) Match the characteristics with the economic systems. Answers may be used more than once.possible answers: free enterprise (capitalism), socialism, laissez faire, communism or socialism, communism, mercantilism grew out of socialism was a reaction to capitalism emphasizes competition private ownership
seeks an economy under the collective social control of the working class controls not only all factors of production, but all areas within society rewards personal initiative
classless society pursuit of profit governments sought to gain power by accumulating more wealth than other nations advocated by Adam Smith, the “father of modern economics” and author of The Wealth of Nations; doctrine of economic opportunity with little to no government intervention system most associated with Karl Marx, co-author of The Communist Manifesto with Friedrich Engels North Korea doctrine that people can be more prosperous without government intervention

2) Check all that apply.system of their state?

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How much will be produced?

Who receives what is produced?

How will these goods and services be produced?

What will be produced?

How will prices be regulated?

What will the budget be?

Which citizens will participate in production?

3) Check all that apply.Select THREE characteristics that differentiate free enterprise (capitalism) from socialismand communism.
the potential to profit from one’s labor
conflict between laborers and landowners (capitalists)
private ownership and control of the factors of production without government control
encouragement of competition
same income for all laborers
ownership of the factors of production by the government
4) Select the best answer.Which type of economic system would more closely subscribe to the doctrine of laissez faire?
state ownership
free enterprise (capitalism)
socialism5) Match the factors of production with their role in the production and distribution of goods and services.possible answers: natural resources used in the manufacturing products, tools and equipment needed to accomplish work, the ability to do work, education and skill nessacesary to create products or provide services. land (natural resources) entrepreneurship labor capital goods

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