Economics Flashcard Lesson 2 Economic Systems

Front

What are the three basic types of economic systems?

Back

Traditional, command, market

Front

Which economic system is based on private ownership, free trade, and competition?

Back

Market economy

Front

What is another name for the U.S. economic system?

Back

Market economy

Front

What are public goods?

Back

Goods and services provided by the government for public consumption

Front

Which industries focus on growing crops and raising livestock?

Back

Agricultural industries

Front

What are developed countries?

Back

Countries with strong economies and a high quality of life

Front

What is the value of all goods and services produced within a country in a single year called?

Back

Gross domestic product (GDP)

Front

Which industries make finished products from raw materials?

Back

Manufacturing industries

Front

What is the economic system in which few limits are placed on business activities?

Back

Market economy

Front

How are public goods paid for?

Back

Through taxes