Studies Weekly: Economic Systems

Traditional economies rely heavily on __________ to meet the needs of citizens.

__________ means businesses focus on creating certain types of products or providing specific services.

Someone who creates and funds a business on their own is called __________.

__________ often determine the type of economic system a country uses.

In __________ economies, the government controls economic activity.

Command economies are often seen in countries with many __________.

In a market economy, who makes the regulations and rules?

In capitalism, the __________ determines which businesses are successful and make a profit.

Entrepreneurs begin with __________ for a business.

When someone purchases a share in a business, what are they purchasing?

There are __________ common types of economic systems.

__________ leads to lower prices and better products.

__________ economies are the oldest economic systems in place.

__________ is an economic system where businesses are owned by private companies or people.

Under capitalism, businesses must compete with one another for __________.

How many new businesses fail in the first five years?

A/An __________ __________ is something that is offered to people to help them make a decision about goods and services.

Most economies are a mixture between a market economy and a __________ economy.

__________ influences everyone to care for the things we own.

In a command economy, who decides who will receive resources and products?

A/An __________ system is the way communities and governments organize resources, goods, and services.

A __________ is an economy where the government places few restrictions on businesses.

In a traditional economic system, __________ is inherited.

__________ between producers lowers product prices and creates more options for consumers.