Economic Systems Flashcards

1

The primary goal of an economic system is to provide people with a minimum standard of living.

2

What kind of economic system does the United States have?

3

Name a country that has a command economy.

4

What is a traditional economy?

5

What are natural resources?

6

In a mixed economy the government provides the wants and the market provides the needs.

7

In a command economy all of the wants and needs are provided by government.

8

Most nations in the world have a command economy.

9

In a market economy all of the wants and needs are provided by the market.

10

What is a command economy?

Economic Systems