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In the capitalist or market economy the main targer is to make a profit. True or false?
True
What are the four economic systems?
Subsitence (Traditional), Communist (Command), Capitalist (Market) or Mixed Economic System.
Who answers the economic questions in a traditional economy?
Traditions of the people
Who control the economy in a communism (command) economy?
Government, state
A market economy has heavy government regulations? True or False?
False
Explain the difference between goods and services.
Goods: tangible assets. Example: chair, car, table Services: activities that don´t produce material goods. Ex: Health, education
Tell us who producers are.
People involved in production, they make goods or provide services.
Tell us who consumers are.
People who buy, households.
Which economic system use the traditional methods to product goods?
Subsitence system (traditional sysytem)
In which economic system government sets prices and distributes profits?
In a communist economic system
In which economic system law of supply and demand determines prices and regulates the market?
In the capitalist economic system.
Which economic system involves limited government involvment whille also applying free marker concepts?
The mixed economic system
Which type of economy BEST allows some people to become very rich while others may be poor?
Market/Capitalist Economy
What economic system is a combination of Market/Capitalist and Command/Communist economies?
Mixed Economy
Most countries in the world today are what type of economic system?
Mixed Economy
