Question

match the words with the descriptions.
4.1) ____ laissez - faire
4.2) ____ capitalism
4.3) ____ mixed economy
4.4) ____ socialism
4.5) ____ planned economy
4.6) ____ communism
4.7) ____ market economy
4.8) ____ command economy
4.9) ____ nationalization
a. state - directed economy
b. an economic system with little or no involvement by the government
c. a state - controlled economic system and ruling political party in which all products and services are collected and redistributed by government agencies
d. economic system where individual may own private property and take a risk in order to make a profit
e. another name for capitalism or free enterprise
f. an economic system in which private industry and the government both have a role
g. an economic system that focuses on economic equality through public ownership of property and resources
h. the economy of socialism and communism
i. the socialist government takeover of a private industry for public use

Explanation:

Each term is matched to its standard definition in economic systems:

1. Laissez-faire emphasizes minimal government intervention.
2. Capitalism centers on private property and profit-seeking.
3. Mixed economy combines private and government roles.
4. Socialism focuses on public ownership for equality.
5. Planned economy is state-directed.
6. Communism is a state-controlled system with full redistribution.
7. Market economy is another term for capitalism/free enterprise.
8. Command economy refers to socialist/communist economies.
9. Nationalization is government takeover of private industry.

Answer:

4.1) B. an economic system with little or no involvement by the government
4.2) D. economic system where individual may own private property and take a risk in order to make a profit
4.3) F. an economic system in which private industry and the government both have a role
4.4) G. an economic system that focuses on economic equality through public ownership of property and resources
4.5) A. state-directed economy
4.6) C. a state-controlled economic system and ruling political party in which all products and services are collected and redistributed by government agencies
4.7) E. another name for capitalism or free enterprise
4.8) H. the economy of socialism and communism
4.9) I. the socialist government takeover of a private industry for public use