Types of Economies

individuals own small businesses - government owns/operates major industries

Economic decisions are made by individuals competing for profits

Businesses (run by private citizens) determine what goods/services are produced & how they are made

Government owns ALL natural and capital resources

What type of economic system does the United States have?

The government makes ALL economic decisions

Scarcity is the ROOT of economics

Bartering is used

Cooperation more imortant than competition (fair & equal)

When an economic shares many characteristics of different economic systems

Governments operates in ALL types of economies

All economic decisions are based on customs, traditions, and beliefs of the past

Businesses make economic decisions, but the government regulates them to make sure they're safe/fair

What was the first form of trade & bartering?

No competition - lower quailty goods

All economies allow citizens to own private businesses