Free Markets
Comparative Economics
Economic Philosophers
National Economies
200
This term, which describes a person's own individual gain, is the central motivating factor in a free market economy.
What is self interest?
200
Unlike socialism, this economic system stresses the importance of private ownership of business.
What is capitalism?
200
This philosopher argued strongly in favor of the free market in his book "The Wealth of Nations".
Who was Adam Smith?
200
This country is an example of a mixed economy that favors the free market.
What is the United States?
Canada and the United Kingdom are also acceptable.
400
This economic process serves as the primary regulating force in the free market.
What is competition?
400
In a command economy, this organization answers the basic economic questions of the society.
What is the central government?
400
This philosopher made the case for socialism in his "Communist Manifesto".
Who was Karl Marx?
400
This country is one of the few remaining examples of an almost entirely centrally-planned economy.
What is North Korea?
600
The doctrine that government generally should not intervene in the market place is known by this French term.
What is laissez faire?
600
In the free enterprise system, the role of these actors is to signal producers concerning what and how much to produce.
What are consumers?
600
This revolutionary leader remade Russia's government and economy into the world's foremost communist nation.
Who was Vladimir Lenin?
600
This country is an example of a mixed economy that favors central planning.
What is China?
Russia is also acceptable.
800
These two groups are the primary beneficiaries of a free market economy.
What are producers and consumers?
800
This economic goal is one that both communist and socialist systems try to achieve.
What is economic equity?
800
This British philosopher argued that free markets must be supplemented by government action to stabilize severe business cycles.
Who was John Maynard Keynes?
800
This country is an example of a free market economy with minimal government intervention.
What is Singapore?
Hong Kong is also acceptable.
1000
Converting land, labor, and capital into goods and services is one of the functions of these components of the free market economy.
What are firms?
Companies or producers are also acceptable.
1000
The inability of producers of goods and services to respond to consumer signals is one of the major disadvantages of this type of economy.
What is a centrally planned (or command) economy?
1000
This English philosopher famously claimed that private property was a natural right - an argument that was later included in the Declaration of Independence.
Who was John Locke?
1000
This country is an example of a truly mixed economy that closely balances the free market and central planning.
What is France?
Peru, Greece, South Africa, and Botswana are also acceptable.