Economic Systems

An economic philosophy where property is owned as a whole society is...

A traditional economic system uses modern technology.

Communism is a political and economic system where all property and wealth is shared.

What is a mixed economy?

In which economic system is wealth NOT equally distributed?

Socialism is an economic system where production is privately owned and operated for a profit.

A defining aspect of a market economy is supply and demand.

Businesses are privately owned and operated for a profit with a Free Enterprise economic system.

Government rulers and committees decide everything in a command/communist economy.

A command economy requires individuals to decide.

In a market economy, what/how can individuals and businesses sell or go about business?

Examples of a resource include: tools, trees, and construction workers.

Which of the following countries is NOT mostly a market economy?

What is scarcity?

Australia mostly uses a market economy.

A market economy includes individuals and businesses to make most of the decisions.