Economic Systems

Individuals have little, if any, influence over economic functions

Resources are owned by the government

Characterized by low unemployment rate

Choices are determined by the environment

Also called "capitalist" economy

In a command economy, how are the prices of goods and services determined?

The role of government in a command economy is to

Changes are slow in this system

Which statement best describes the difference between market economy and traditional economy?

Competition is key to this system

Also called a "communist" economy

Individuals have freedom to make economic decisions

Profits are based on supply and demand

Factories are concerned with quotas

Under which economic system would factors of production most likely be owned by agovernment?

Consumers have few, if any, choices in the market place

Government guides and regulates production of goods and services

Little or no use of technology

Private ownership of basic and non businesses

This system adjusts to change easily

Government serves to protect both producers and consumers from unfair policies and practices

The United States economy can best be described as which type of economy?

Who is primarily responsible for making economic decisions in a market economy?

Combines elements of two different economic systems

Resources are allocated based on inheritance

Profit, not quotas is the motive for increasing work

MInimal government involvement in business transactions

Economic system where activities are centered on the family or ethnic group

Farming, hunting, and gathering are done largely in the same fashion as the generation before

NO competition