Economic Systems

In order to meet the needs of its people, what question doesn't a society have to answer?

Economic system relies on cultural customs, history, ancestral practices, and time-honored beliefs

The reality that people’s wants always exceed the resources available to fulfill those wants is:

Economic system where production, wages, and prices are determined via the application of the law of supply and demand.

Economic system run by a dominant centralized authority that allocates the resources, decides who makes goods & services

Governments use an economic ___ to make decisions about resources, production, & distribution of goods & service

An economic and political system that emphasizes economic equality, and collective or public ownership of production is:

An economic system that is a blend of capitalism and socialism is a:

Economic system where companies are privately-owned, & companies are built with a purpose of creating economic value etc

Communism and socialism are examples of a: