What song lyric from the Rolling Stones expresses a powerful economic idea? What three questions define any economic system? What three things did Karl Marx identify as the "factors of production"- or, those things you need to have in order to produce goods? In a planned economy,who controls the factors of production? A planned economy is -not- the same thing as communism. What single sentence did Karl Marx use to sum up the theory of communism? How many countries in world history have ever truly been communist? If an economy is completely controlled by the government.right down to the number of shoes that should be produced, it is referred to as In a free market economy, who owns the factors of production? In a free market economy, why do businesses produce a certain good? Explain the concept of the "invisible hand." According to the video there are some things that governments must do because free markets won't. Name some of these things. In what ways does the U.S. government tell car producers what to produce and how to produce them? Which is more common among modern economies, to be completely free market or completely free? What nation was explained as an example of a command economy where production is entirely controlled by the government? What nation was explained as an example of a free market with private property, few taxes, and few regulations? Most economies ("the rest of the world") are given what label? Who are the three big players in the circular flow model of an economy? In the same model,which two markets are linked together by buying and selling activities? What are the two primary ways the government gets the money it spends? Over time, Denmark and Canada have added more "planned economy" elements to their economies. Which nation was cited as having added more "free market economy elements zoo What is the ideal amount of government involvement in the economy? What did economist Thomas Sowell claim about economics providing solutions to problems? What do mixed economies appear to be better at handling?

1. The Rolling Stones song lyric that expresses a powerful economic idea is "You can't always get what you want."<br /><br />2. The three questions that define any economic system are:<br /> - What goods and services should be produced?<br /> - How should these goods and services be produced?<br /> - For whom should these goods and services be produced?<br /><br />3. Karl Marx identified the following three things as the "factors of production":<br /> - Land<br /> - Labor<br /> - Capital<br /><br />4. In a planned economy, the government controls the factors of production.<br /><br />5. Karl Marx used the following single sentence to sum up the theory of communism:<br /> "The history hitherto existing society is the history of class struggles."<br /><br />6. There have been very few countries in world history that have ever truly been communist. The most notable examples are the Soviet Union and China.<br /><br />7. If an economy is completely controlled by the government, right down to the number of shoes that should be produced, it is referred to as a command economy or a centrally planned economy.<br /><br />8. In a free market economy, the factors of production are owned by private individuals and businesses.<br /><br />9. Businesses produce a certain good in a free market economy because they can make a profit from doing so.<br /><br />10. The concept of the "invisible hand" refers to the idea that individuals pursuing their own self-interest in a free market economy can lead to beneficial outcomes for the overall economy, even if that was not the intention.<br /><br />11. According to the video, some things that governments must do because free markets won't include:<br /> - Providing public goods (e.g., national defense, public parks)<br /> - Correcting externalities (e.g., pollution, traffic congestion)<br /> - Ensuring economic stability (e.g., controlling inflation, managing the money supply)<br /><br />12. The U.S. government tells car producers what to produce and how to produce them through regulations, standards, and subsidies.<br /><br />13. Most modern economies are mixed economies, with a combination of free market and planned economy elements.<br /><br />14. The nation explained as an example of a command economy where production is entirely controlled by the government is the Soviet Union.<br /><br />15. The nation explained as an example of a free market with private property, few taxes, and few regulations is the United States.<br /><br />16. Most economies ("the rest of the world") are given the label of mixed economies.<br /><br />17. The three big players in the circular flow model of an economy are:<br /> - Households<br /> - Businesses<br /> - The government<br /><br />18. In the circular flow model, the two markets linked together by buying and selling activities are the product market and the factor market.<br /><br />19. The two primary ways the government gets the money it spends are:<br /> - Taxes<br /> - Borrowing (e.g., issuing government bonds)<br /><br />20. The nation cited as having added more "free market economy elements" is the United States.<br /><br />21. The ideal amount of government involvement in the economy is a matter of debate, but many economists argue for a balanced approach with a mix of free market and planned economy elements.<br /><br />22. Economist Thomas Sowell claimed that economics provides solutions to problems by discovering the underlying causes and finding the most effective ways to address them.<br /><br />23. Mixed economies appear to be better at handling complex economic issues, such as managing externalities, providing public goods, and ensuring economic stability.