Economics- Economic Systems

Economic model in which laws of supply & demand determine what goods are made & at what cost

Which country qualifies as a mixed economy?

Which answers the 3 questions of what, how, and for whom a nation should produce a product

0-100 scale which ranks world economies from most command-leaning(0) to most market-leaning(100

Which economic system gives people the most freedom, but may contribute to social inequality?

Term used to describe the market/command/traditional blending of all modern world economies

Money granted by government to assist a business or industry in lowering the cost of a product

An economic model wherein government planners make all business and financial decisions

Which of the following is the most command-leaning country?

An economic model governed by custom, habit, and history.- It is defined by bartering

Creation, maintenance, & expansion of businesses outside the control or influence of the gover.

Which economic system would NOT encourage entrepreneurship?

The activity of setting up a business, taking on financial risks in the hope of profit

Which economic system is historically associated with small scale economies & bartering?

Which economic system represses economic freedom, but is more secure & there is more equality?

Which of the following is the most free in terms of economics?

An econ. model used to determine what, how, and for whom should be produced/provided (goods)