AP Microeconomics 1.2: Economic Systems

Compare economic systems by ownership, incentives, planning, and resource allocation, using market and command-economy examples to explain how choices are organised.

Covered syllabus points

MKT-1.B—Define how resource allocation is influenced by the economic system adopted by society

[Maximum number: 1]

Which of the following would NOT be considered a characteristic of a market or capitalistic economy but that of a command or communist economy?

Protection of private property

Negative externalities

The price system to allocate resources

Competition among firms

Centralized decision making

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Covered syllabus points

1.2 Resource Allocation and Economic Systems question 1