Allocatin

Question 1

What is allocation

Answer 1

efficient divding,identifying how scarce resources are to fe portioned

Question 2

4 econ dystems

Answer 2

traditional, command, market

Question 3

No central control

Answer 3

Traditional

Question 4

Decisions are based on social cultural system

Answer 4

No additional

Question 5

Trading system is direct through barter

Answer 5

Traditional

Question 6

What are the disadvantages of barter?

Answer 6

Disadvantages it’s hard to determine the value and you need the double coincidence ofwants

Question 7

Stability and continuity are favored over innovation and change 

Answer 7

Traditional

Question 8

There is no concept of private property

Answer 8

Traditional

Question 9

Centralized decision making

Answer 9

Command

Question 10

Advantage of the command system

Answer 10

produces rapid changes

Question 11

Individuality, innovation and variety are lacking

Answer 11

Command

Question 12

Who uses command

Answer 12

Ancient, civilizations and communist 

Question 13

For the following questions answer if it is socialism or communism
The central government owns and decides goods

Answer 13

Socialism

Question 14

There is no government everything is on collectively

Answer 14

Communism

Question 15

What distribution system does Socialism do? 

Answer 15

All contribute as much as they can, and then distributed evenly

Question 16

What distribution does communism do?

Answer 16

Contribute as much and then get back according to need

Question 17

Which of the following accepts religions and which denies religions 

Answer 17

Socialism accepts while communism, Rejects

Question 18

No centralize decision making

Answer 18

Market

Question 19

Individuals have their own free will ask buyer and sellers

Answer 19

Market

Question 20

The people only decide the economic activities for own self interest

Answer 20

Market

Question 21

Divides people in the classes

Answer 21

Capitalism

Question 22

What classes does capitalism divide into

Answer 22

Capitalist and working class

Question 23

Which of the following types of systems has the doctrine of hands off?

Answer 23

Market

Question 24

What is something similar to capitalism?

Answer 24

The market economy, withs minimal government

Question 25

Specialization, division of labor, expansion

Answer 25

Capitalism

Question 26

Pure altruism is possible in economics, because people are caring

Answer 26

Falls

Question 27

Who said it’s OK to be selfish

Answer 27

Adam Smith

Question 28

Who said it’s not OK to be selfish

Answer 28

Karl Marx