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business chapter 34

distribution of economic resources

what is an economy? refers to the way in which goods and services are made sold and used
what is the goal of an economy? to make the most effective use of available resources
what is an economic system? the method by which countries distribute economic resources and trade goods and services
what are examples of centrally planned economies? north Korea and Cuba
what are the three most common resources? a centrally planned economy a free market economy and a mixed economy
what is a centrally planned economy the one where the government has a lot of control over economic resources and decision making
what is the most extreme example of a centrally planned economy? communism
what is a free market economy(capitalist)? private individuals control resources own businesses and make decisions about what goods and services will be produced
what is an example of a free market economy(capitalist)? the U.S.A
what is a mixed economy? combines elements of the free market and centrally planned systems
what are sectors of the economy ? public sector private sector and third sector
what is the public sector? the part of the economy that is owned and controlled by the government
what are the three examples of a public sector? national government local government and state-owned businesses
what do local government/authorities do? promote the interests of local community
what do the local government/authorities provide? housing road maintenance and pollution control
Created by: angel555



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