Economic Systems

Economic decisions are made by individuals competing to earn profits based on supply & demand?

What system runs with resources and production being owned by individuals?

Choices are determined by environment and little to no use of technology in this system.

Who came up with the ideas of communism?

No competition; the purpose of business is to provide goods and services, not to make a profit

Who came up with the ideas of capitalism?

This system deals with direct trade of goods or services

Resources can be owned by the individuals, however, there will be gov't. regulations in a . . .

Why might a market economy be a negative system?

Farming, hunting, and gathering are done largely in the same fashion as the generation before

What economy does the government or some other central authority makes all economic decision?

Also called a “capitalist” economy

What is an economic system where tradition and custom govern economic decisions?

Government serves to protect both producers and consumers from unfair policies and practices

Profit, not quotas, is the motive for increasing work in a ___________________ economy.

Why might a mixed economy be the most fair system?

Also called a "communist" driven economy

Economic activities are usually centered toward the family, tribe, or ethnic group in a ...

Competition determines price & increases the quality of products in a ________________ economy.

What system does government guide and regulate production of goods and services?

Individual freedom is considered important; individuals have freedom to make economic decisions

What are the four economic systems?

What economy combines elements of pure market and command economies?

Consumers have few, if any, choices in the market place in a ___________________ economy.

What system do individuals have little, if any, influence over economic functions?