the study of how people, businesses, and governments make choices to allocate scarce resources (like time, money, and materials) to satisfy unlimited needs and wants

the framework a society uses to produce, distribute, and consume goods and services; it determines how resources are allocated, answering what to produce, how to produce it, and who receives the output

an economic system where private individuals or businesses, rather than the government, own and control property, factories, and businesses

economic system where prices, wages, and the production of goods are determined by exchanges between buyers and sellers; it relies on supply and demand, with little to no government intervention, allowing competition to drive innovation and pricing

political and economic ideology aiming for a classless, moneyless, and stateless society based on common ownership of the means of production (factories, farms)

a system where the government, rather than the free market, makes all decisions regarding the production, pricing, and distribution of goods and services

Government-controlled

system where the state holds the power to make decisions, set rules, and regulate industries, resources, or daily life to ensure compliance and maintain order

economic system where private businesses compete for profit with minimal government intervention; it is defined by voluntary exchange, consumer choice, and the right to own private property

system that blends elements of both capitalism and government-controlled.; allows individuals to own property and run businesses, while government regulates it and provides public services, to ensure social welfare, balancing efficiency with equality

Individuals can buy, sell, or use land, resources, or other property as they choose; this is a key feature of capitalism

system where the means of production (businesses) are owned/regulated by state, rather than by private individuals; it aims to reduce inequality by sharing wealth and ensuring basic needs, such as healthcare and education, are met for everyone

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Economy Systems 3.15

Vocabulary from Florida Benchmark SS.7.CG.3.15

Term	Definition
Economics	the study of how people, businesses, and governments make choices to allocate scarce resources (like time, money, and materials) to satisfy unlimited needs and wants
Economic system	the framework a society uses to produce, distribute, and consume goods and services; it determines how resources are allocated, answering what to produce, how to produce it, and who receives the output
Capitalism	an economic system where private individuals or businesses, rather than the government, own and control property, factories, and businesses
Free market	economic system where prices, wages, and the production of goods are determined by exchanges between buyers and sellers; it relies on supply and demand, with little to no government intervention, allowing competition to drive innovation and pricing
Communism	political and economic ideology aiming for a classless, moneyless, and stateless society based on common ownership of the means of production (factories, farms)
Command economy	a system where the government, rather than the free market, makes all decisions regarding the production, pricing, and distribution of goods and services
Government-controlled	system where the state holds the power to make decisions, set rules, and regulate industries, resources, or daily life to ensure compliance and maintain order
Free enterprise	economic system where private businesses compete for profit with minimal government intervention; it is defined by voluntary exchange, consumer choice, and the right to own private property
Mixed economy	system that blends elements of both capitalism and government-controlled.; allows individuals to own property and run businesses, while government regulates it and provides public services, to ensure social welfare, balancing efficiency with equality
Private property	Individuals can buy, sell, or use land, resources, or other property as they choose; this is a key feature of capitalism
Socialism	system where the means of production (businesses) are owned/regulated by state, rather than by private individuals; it aims to reduce inequality by sharing wealth and ensuring basic needs, such as healthcare and education, are met for everyone

Created by: CivicsDAOF

"Know" box contains:
Time elapsed:
Retries: