BM: 3-4 Compare and Contrast Types of Economic Systems

Front

Three basic questions for societies:

Back

What, How, For Whom

Front

Main reason for an economic system?

Back

Scarcity and mutual dependence

Front

Scarcity in economics refers to:

Back

Limited resources for unlimited wants.

Front

Economic system relying on customs and bartering?

Back

Traditional

Front

Economic system emphasizing equality and collective ownership?

Back

Traditional

Front

Economic system blending capitalism and socialism?

Back

Traditional

Front

Example of a communist country with a centrally planned economy?

Back

China

Front

Country with mixed economy of capitalism & socialism?

Back

Canada