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Economic Systems
Economic Systems
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1
economy where people decide what they buy and sell- They "vote with their dollars."
mixed
traditional
market
command
2
a basic economic question is:
what to produce
for whom to produce
all of these choices
how to produce
3
An economy in which
the government largely determines what is produced and in what amounts
mixed
traditional
command
market
4
type of command economy where government owns some or all of the factors of production
humanism
individualism
communism
socialism
5
economy where there is no private ownership of property and little to no political freedom
capitalism
socialism
communism
humanism
6
an economic system based on private ownership of the factors of production.
humanism
communism
capitalism
socialism
7
An economy where people decide what they buy and sell and government is also a big part
mixed
market
command
traditional
8
In what type of economy do you trade or barter?
traditional
command
mixed
market
9
In communism, who owns the resources?
private companies
government
the people
businesses
10
An economic system is the way a society uses its resources to satisfy its people’s
___________
wants and needs
habits
desires to have family time
appetites
