Economic Systems

The government owns and operates many basic industries but other businesses are privately owned

People meet their basic needs much as their ancestors had done...

The study of how people meet their basic needs

Often there is no private property; things are owned by the family or village in common

The theory of supply vs. demand is part of what economic system?

Businesses are driven by the desire for profits is the central characteristic of what economy?

People are free to produce what they want and to buy what they want...

The government owns and operates all businesses...

A natural resource that is not able to be replaced such as oil or natural gas

All workers should labor together and share equally

Things that people do for others

Farmers grow just enough to feed themselves and their familes

Unlimited wants vs. limited goods and services is the definition of what?

Seeks a fairer distribution of income among all members of society

Things that people make

The basic productive resources that are essential inputs to every economic activity

Which is NOT one of the three fundamental economic questions

In a traditional economy, information about the way things are produced is passed down how?

A natural resource that can be replaced such as timber

Goods like textiles are produced in private homes by hand, usually by the entire family