2-6 Compare Types of Economic Systems Flashcard Business U

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What are Capital Goods?

Back

The physical assets used to produce goods and services

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What is Capitalism?

Back

An economic system where companies are privately-owned

Front

What is another name for a Centrally Planned Economic System?

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Command Economic System

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What is a key feature of Communism?

Back

Government ownership of production

Front

What does Economics study?

Back

How societies make decisions about resources

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What are Human Resources?

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The people assets who work for an organization

Front

What is a characteristic of a Centrally Planned Economic System?

Back

Centralized resource allocation

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What is the role of Human Resources in a business?

Back

Recruiting and training employees

Front

What does a Command Economic System involve?

Back

Centralized control of production

Front

What is a Mixed Economic System?

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An economic system that is a blend of capitalism and socialism