Economics Today and Tomorrow ch 2s1 Economic Systems Flashcards

1

Children learn from their elders how to make basic things needed to survive

2

government allows producers to make what they want but makes sure working conditions are safe.

3

factors of production are owned by individuals

4

The economy based on central planning

5

The government tells the factory to produce only airplanes

6

The economy that has producers deciding what to make based on what consumers buy.

7

The government owns the factory

8

The economy is based on competition

9

The economic system linked to Adam Smith.

10

The government controls the economy

Economics Today and Tomorrow ch 2s1 Economic Systems