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Economic Systems
Economic Systems
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Economic Systems
Flashcards
14 cards
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Questions
14
Answers
1
Characterized by very low unemployment rate.
Traditional
Command
Mixed
Market
2
Individual freedom is limited.
Market
Traditional
Mixed
Command
3
Occurs when buyers and sellers make informed, rational, and unforced decisions
Market incentives
Voluntary exchange
Private ownership
Market economy
4
Government owns natural and capital resources.
Mixed
Command
Market
Traditional
5
Considered synonymous with either a communist or socialist economy.
Command
Mixed
Market
Traditional
6
Privately owned factors of production
Market
Traditional
Command
Mixed
7
Individual purchasing decisions determines the types of products and services offered.
Mixed
Traditional
Market
Command
8
Driving force that encourages people and organizations to increase benefit & reduce cost
Private ownership
Voluntary exchange
Market incentives
Market economy
9
Considered synonymous with a capitalistic economy.
Mixed
Market
Command
Traditional
10
Prices are influenced by supply and demand.
Mixed
Traditional
Command
Market
11
System in which the government makes most of the production decisions
Mixed economy
Command economy
Traditional economy
Market economy
12
An economic system that combines elements of all the other basic systems.
Command
Mixed
Traditional
Market
13
Guarantees the right to own property and use it in any legal way they would like
Voluntary exchange
Command economy
Private ownership
Market incentives
14
An economic system heavily influenced by habits, customs, and religious beliefs.
Market
Command
Traditional
Mixed
