Economic systems quick review-Ch. 6 Economic systems

Both planned & mixed economic systems have government ownership as one characterisitc.

Market systems allow for multiple levels of private ownership.

A market system has both government involvement & private ownership.

Planned economies ensure that people are provided for.

Mixed economies are the most common economic systems around the world.

Public ownership means there is a balance between government control & independant ownership.

A planned system gives consumers control over resources.

Planned economies have little government involvement.

Mixed economic systems give government control over distribution of resources.

Public ownership means the same as government ownership.

Market economies are the most effective way of providing services to people.

Consumers have the most influence in a mixed economies.