Economic Systems & Roles of Government

People & Firms act in their own best interest. People's decisions act as votes.

Which of the following is an example of a Traditional Economy?

The government preserves competition in the marketplace through regulation/laws. What role is that?

An organized way of providing for the wants and needs of citizens.

The government created laws against false advertisement, unsafe drugs, and copyright infringement, what role is that?

A central authority makes most of the WHAT, HOW, & FOR WHOM decisions.

The privilege that entitles people to own and control their possessions as they wish.

The allocation of scarce resources & economic activity that stems from ritual, habit, or custom.

Which country is an example of a Command Economy?

The government provides national defense, education, and social services. What role is that?