Terms related to economic systems
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
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| Free Enterprise or Free Market | show 🗑
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| Socialism | show 🗑
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| show | a system in which goods are owned in common and are available to all as needed; no private property or ownership
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| Consumer | show 🗑
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| Producer | show 🗑
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| Standard of Living | show 🗑
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| show | the amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy
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| Private Ownership | show 🗑
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| show | the government owns property, businesses, industries, etc.
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| show | a schedule of duties (taxes) imposed by a government on imported or in some countries exported goods
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| Capital | show 🗑
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| Imports | show 🗑
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| show | to carry or send (something, such as a commodity) to some other place (such as another country)
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| Barter | show 🗑
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| show | the business of buying and selling or bartering commodities; an exchange of property usually without use of money
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| Supply | show 🗑
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| show | an act of demanding or asking especially with authority
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| show | a favorable balance of trade, the development of agriculture and manufactures, and the establishment of foreign trading monopolies
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| Market Economy | show 🗑
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| Traditional Economy | show 🗑
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| show | an economy in which some companies are owned by the government and other companies are not
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| show | an economic system in which activity is controlled by a central authority and the means of production are publicly owned
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Created by:
yer.yang
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