Econ Systems

Scarcity means...

If you go to the grocery store and there's only one brand of bread, what economic system is this?

economic (and political system) where the government controls essentially everything

If a country has a strong economy, is there GDP per capita going to be high or low?

Economics is the study of...

economic system where the people (not the gov) determine what stuff is made and how it's allocated

economic system where the government decides who makes what and how it's distributed

If a government allows competition to determine which businesses are successful, what kind of economic system is this?

type of command economy where the government controls some factors of production (but not all)

What is the difference between socialism and communism?

Command economy and market economy are different types of...?

economic system (like the US) where it has aspects of both market and command economies

If a government provides free healthcare, free education, and free housing, what kind of economic system is this?

You came up with an idea for a clothing brand and now you're making millions. What economic system is this?

organized way that a society provides for the wants and needs of its people