1. Unit 2 Review 10.2.14

2. Economics is the study of _____________, _________________, and ______________ Production, consumption and distribution

3. True or False A command economy operates based on consumer choice. FALSE, Market

4. True or False The Law of Self-interest is one of Adam Smiths laws of economics. True

5. True or False? Karl Marx developed the idea of “Class Consciousness” True

6. What is Class Consciousness? The idea that workers need to think they are workers in order to unite and overthrow their oppressors.

7. Who wrote the Communist Manifesto? Karl Marx

8. Who developed the 3 Laws of Economics Adam Smith

9. True or False Karl Marx believed that the workers or proletariat should unite. True

10. True or False Marx was influenced by the abuses he saw during the Agricultural Revolution. False, Industrial Revolution

11. Socialism or Communism All productive resources are government owned and operated. Labor is organized for the common advantage of the community Communism

12. Socialism or Communism Centralized planning directs ALL resources. All productive resources are government owned and operated. Communism

13. Socialism or Communism MANY of the basic resources are government owned and operated. Price plays a major role in the allocation of resources Socialism

14. Capitalism or Socialism Productive markets are privately owned and operated. Capital is obtained through profits in the market Capitalism

15. Capitalism or Socialism Supply and demand determine prices Capitalism

16. Capitalism or Socialism The role of the government is limited to promoting competition. Capitalism