Economic Systems Item Specs

Class distinction differers greatly amount the economic systems. Which economic system is this describing?

Class distinction differers greatly amount the economic systems. Which economic system is this describing?

The goal is to produce goods and services for the society.

The government is heavily involved in the decisions regarding the economy; wealth is redistributed.

Which of the following is NOT one of the three economic systems?

The government decides what goods are produced.

Whick key word(s) help to identify the governments role in an economy with communism?

The government owns and operates major industries; individuals own small businesses.

Which economic system are these descriptions of?

Economic system in which all property and resources are owned or controlled by the public or the state.

Almost all to all businesses are owned and operated bythe government.

All economic resources are publicly owned and controlled by the gov't. Individuals hold no personal property or assets.

Which economic system are these descriptions of?

The free market and supply and demand for the products determines price of goods and services.

Whick key word(s) help to identify the governments role in an economy with socialism?

The government maintains a “hands off” approach to the economy; minimal involvement

Economic system in which most property and resources are owned or controlled by the public or the state

Which economic system are these descriptions of?

Which economic system fosters the greatest prosperity and opportunity?

Whick key word(s) help to identify the governments role in an economy with capitalism?

An economic system based on the private ownership of the means of production and their operation for profit.

The description below describes the economic system of the United States. Which economic system does the U.S. have?

Class distinction differers greatly amount the economic systems. Which economic system is this describing?

Major Industry decisions made by the government; individual firms make own decisions.

Individuals can own personal property but all industrial and production capacity is communally owned.

Private ownership of economic resources and property is actively encouraged with little to no government intervention.

Government makes economic decisions regarding major industries; individuals control personal economic decisions.

Consumers have a huge variety of goods & services; prices determined by supply & demand.