Economic Systems Item Specs

An economic system based on the private ownership of the means of production and their operation for profit.

Which economic system are these descriptions of?

Private ownership of economic resources and property is actively encouraged with little to no government intervention.

Which economic system are these descriptions of?

Whick key word(s) help to identify the governments role in an economy with communism?

Consumers have a huge variety of goods & services; prices determined by supply & demand.

The free market and supply and demand for the products determines price of goods and services.

Individuals can own personal property but all industrial and production capacity is communally owned.

Which economic system are these descriptions of?

The government maintains a “hands off” approach to the economy; minimal involvement

The goal is to produce goods and services for the society.

All economic resources are publicly owned and controlled by the gov't. Individuals hold no personal property or assets.

Class distinction differers greatly amount the economic systems. Which economic system is this describing?

The description below describes the economic system of the United States. Which economic system does the U.S. have?

Which economic system fosters the greatest prosperity and opportunity?

Whick key word(s) help to identify the governments role in an economy with capitalism?

The government is heavily involved in the decisions regarding the economy; wealth is redistributed.

The government owns and operates major industries; individuals own small businesses.

Major Industry decisions made by the government; individual firms make own decisions.

Which of the following is NOT one of the three economic systems?

Almost all to all businesses are owned and operated bythe government.

The government decides what goods are produced.

Class distinction differers greatly amount the economic systems. Which economic system is this describing?

Whick key word(s) help to identify the governments role in an economy with socialism?

Economic system in which most property and resources are owned or controlled by the public or the state

Class distinction differers greatly amount the economic systems. Which economic system is this describing?

Economic system in which all property and resources are owned or controlled by the public or the state.

Government makes economic decisions regarding major industries; individuals control personal economic decisions.