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MarketingVocats3.04
| Question | Answer |
|---|---|
| What, How, and For Whom should goods and services be produced? | Three Economic Questions |
| how things have always been done | Traditional Economy |
| There is no government involvement in answering the three basic economic questions; Consumers decide what should be produced. Businesses decide how products will be produced | Market Economy |
| The government officials or leaders decide what should be produced. The government runs the businesses and employs the workers. The government also decides who will receive products | Command Economy |
| Not pure market systems, nor completely controlled by the government. They are a mix or blend of the two. Most economies are formed this way. | Mixed Economy |
| The people elect the government officials who represent their interests. For example, the United States and Japan | Capitalism |
| a. For example, Cuba, North Korea, and Vietnam. Countries that have a government run by one political party which controls everything. | Communism |
| Countries that are capitalistic with increased government involvement. The government tries to reduce the differences between the rich and poor. For example, Canada, France, Germany, and Great Britain. | Socialism |
Created by:
melinda.fornes
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