Economic Systems + Supply and Demand Review

The United States has this type of economy.

Universal health care is provided and paid for by taxes in a

Individuals answer the basic economic questions in a

What economic system emphasizes cooperation?

The government owns and runs all the corporations or businesses in a

Those who are sick are provided public health care paid for by taxes in a

Capital is provided by the private sector in a

When prices are high, the quantity demanded will tend to be ______.

The government runs many crown corporations in a

A/An _______ in price will tend to result in increased supply.

The state owns and controls all industries in a

Canada has this type of economy.

Entire communities are relocated if providing services is inconvenient or the workers are needed elsewhere.

Universal health care is not provided in a

Which type of government is most likely to legislated pollution control?

If the price of a good is set above the equilibrium, a _____ will result

If the market price for a good falls, producers of that good will tend to produce ___ of that good.

What economic system emphasizes competition?

The state owns and controls no industries in a

Individuals and the government answer the basic economic questions in a

The government owns all the factors of production in a

When demand is high and supply is low, prices tend to ____.

If the price of a good is set below the equilibrium, a _____ will result

Those who are sick are expected to pay for their own care. If they cannot pay, they receive no treatment in a

Government has the least important role in a

Prices in a free market system are set by the

The state has the responsibility to provide social safety nets and makes some decisions about the economy in a

Typically, no healthcare is provided by the government in a

There are a very small number of crown corporations in a

Gov'ts establish homeless shelters & rehabilitation programs for citizens unable or unwilling to get a home.

The state provides for all citizens in a

Individuals own all factors of production in this type of economy.

The government provides a home and a job for every citizen in a

Employment is guaranteed in a

All factors of production are owned by the state in this type of economy.

Which economy is likely to have more environmental regulations with regard to polluting the environment?

The state owns and controls some industries in a

The former Soviet Union and China are examples of this type of economy.

Both the state and private individuals own factors of production in a

Capital is provided by the public sector in a

There is production by the public sector in a

Universal health care is provided and paid for by the government in a

Consumer choices are regulated by the government in a

Individuals own all the factors of production in a

The government owns all resources in a

The government regulates economic activities and provides services in a

Consumers influence production decisions in a

Capital is provided by the private and public sector in a

If retailers can't keep enough product to satisfy their customers, it could indicate that the PRICE of the product is __

The gov't ensures all communities have roads & power, even if the population is so low that doing so is unprofitable.

Those who are sick are provided public health care paid for by the government in a

There is production by both the public sector and the private sector in a

Equilibrium price is the price at which the quantity supplied is ___ the quantity demanded.

There is production by the private sector in a

If the demand for a good drops, the price of that good will usually ____