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Economic Systems

QuestionAnswer
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
Created by: lbeddow
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