SW Week 28: Economic Systems

Front

A/an __________ system is the way communities and governments organize resources, goods, and services.

Back

economic

Front

Agriculture is the main factor in what type of economy?

Back

traditional

Front

When the government controls economic activity, it is called a __________ economy.

Back

command

Front

A/An __________ is something that is offered to people to help them make a decision about goods and services.

Back

economic incentive

Front

An example of a negative economic incentive is a...

Back

fine

Front

Two partners independently own a business that repairs bicycles. They are an example of what kind of economy? Options: free market, capitalism, command, traditional

Back

capitalism

Front

The transportation of people in a country depends on bicycles. Two partners are told by the government to repair bicycles for a fixed price. This is an example of a __________ economy.

Back

command

Front

Someone who creates and funds a business on their own is called ___________.

Back

an entrepreneur

Front

Multiple producers wanting consumers to purchase their product creates __________ in the marketplace.

Back

competition