SW Week 8 Economic Systems Review

A(n) __________ system is the way communities and governments organize resources, goods, and services.

A(n) __________ is something that is offered to people to help them make a decision about goods and services.

Multiple producers wanting consumers to purchase their product creates __________ in the marketplace.

An example of a negative economic incentive is a:

Under capitalism, businesses must compete with one another for __________.

Two partners in the bicycle business are told by the government to repair bicycles for a fixed price. What economy is it

A(n) __________ is someone who decides to create or run their own business.

Two partners independently own a business that repairs bicycles. They are an example of a capital economy.

When the owners and the market set the price, what kind of economy is it?

When the government controls economic activity, what kind of economy is it?

When producers barter and trade with consumers for good and services, what economy is it?