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Economic Systems
Question | Answer |
---|---|
What are the three economic questions | What, How, and For Whom to produce |
Why can't a country make everything that is needed | Limited resources |
What are the three main types of economic systems | Command, Market, Traditional |
In this type of economic system, resources are owned and controlled by the government. | Command |
In this type of economic system, consumers decide what is produced by demand | Market |
In this type of economic system, resources are owned and controlled by the people | Market |
This type of economic system is normally found in less developed countries | Traditional |
In this type of economic system your personal choices are limited | Command |
In this type of economic system societal customs answer the three economic questions | Traditional |
This type of economic system combines elements of a command economy and a market economy | Mixed |
In this type of economic system, the government decides the answers to the three economic questions | Command |
In this type of economic system, goods and services are produced the way they have always been produced | Traditional |
In this type of economic system, most of the economic questions are answered by consumers | Mixed |
The US has what type of economic system | Mixed, Market |
Other names for the US economy are what? | Free enterprise, private enterprise |
What is capitalism? | The private ownership of economic resources by individuals rather than government |
What are the four basic principles of the US economy? | private property, freedom of choice, profit, and competition |