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economic sysytems

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  • Which economic system involves limited government involvment whille also applying free marker concepts?
    The mixed economic system
  • Which economic system use the traditional methods to product goods?
    Subsitence system (traditional sysytem)
  • Tell us who producers are.
    People involved in production, they make goods or provide services.
  • What economic system is a combination of Market/Capitalist and Command/Communist economies?
    Mixed Economy
  • A market economy has heavy government regulations? True or False?
    False
  • Tell us who consumers are.
    People who buy, households.
  • In the capitalist or market economy the main targer is to make a profit. True or false?
    True
  • In which economic system law of supply and demand determines prices and regulates the market?
    In the capitalist economic system.
  • In which economic system government sets prices and distributes profits?
    In a communist economic system
  • Most countries in the world today are what type of economic system?
    Mixed Economy
  • Which type of economy BEST allows some people to become very rich while others may be poor?
    Market/Capitalist Economy
  • Who control the economy in a communism (command) economy?
    Government, state
  • 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
  • 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
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