Econ "Economic Systems & Decision Making" (from public)

Which one of these is an advantage of a command economy?

 Government is fulfilling this role when it oversees industries and preserves competition. *moves into mixed econ.

Social Security is an example of this American and economic social goal. *moves into mixed econ.

This is a disadvantage of the market economy.

The minimum wage is an example of this American economic and social goal.

Provides people with the incentive to work and invest because they control their possessions.

This economic system believes in the private ownership of the factors of production.

Which of these societies has a market economy?

This is an advantage of the market economy.

An individual that takes risks and starts a new business is filling this role in the economy.

This economic system believes in the collective ownership of the factors of production.

This type of economy decides how to use scarce resources through ritual, habit, or custom.

In this type of economy people make decisions based on self interest.

What is the definition of inflation?

Which of these societies has a command economy?

The struggle between producers to attract consumers is called...

Act of buyers and sellers freely engaging in transactions. 

Which of these societies has a traditional economy?

The goal of collective decision-making in socialism is to eradicate _________ by destroying ___

Economic and social goal, Americans can choose their occupations and how to spend money.

Economic system in which basic economic decisions are made by a central authority.

An increase in the minimum wage raising the unemployment rate is an example of...

"The customer is always right" refers to the central place of the ____ in the economy. 

The government is filling this role when they give money to build a park or a bridge. *moves into mixed econ.

Economic system where the government owns some but not all of the factors of production.