CE11b Types of Economic Systems

government's role greater in this type, but less than in a command economy

centrally planned economy

In this type of economic system the decisions are based on custom and historical precedent

Which is NOT one of the 3 basic questions of economics?

competition, consumer sovereignty, private ownership, minimal govt involvement

Most economies today, including the U.S are _______ economies.

Individuals and businesses are the owners and decision makers for the private sector

The profit motive is key along with minimal governmental involvement.

people often perform the same work as their parents and grandparents

Which type of economy has lack of consumer choice and government control of resources?