Economic Systems

Who answers the three big economic questions in a command system?

Which term is often used to describe a market economy?

What makes goods, services, and factors of production flow in the circular flow model?

Economic goal of limiting inflation

In the circular flow model, where do businesses buy factors of production?

needs and wants of consumers drive the production in an economy

buyers and sellers freely and willingly take part in mutually beneficial market transactions

Regulator, protector, producer, consumer, promoter of national goals

Private property, profit motive, competition

The circular flow model primarily focuses on the interaction between_____.

Economic system based on traditions and customs

Which economic system would have a wide variety of goods and services?

Economic goal of providing jobs and increasing the standard of living

Economic goal that describes the desire to make personal economic decisions

Economic goal of eliminating discrimination in the workplace and market

Economic goal that focuses on using resources wisely

In the circular flow model, where do consumers buy goods and services?

Economic goal of protecting citizens from adverse economic situations

Key principle of communism

Disadvantage of a market economy