Economic Systems Flashcardizz

Front

Which type of economy has individual ownership and values competition? Options: Communism, Capitalism, Socialism

Back

Capitalism

Front

What's one characteristic of communism?

Back

Believes in collective (group) ownership and a planned economy.

Front

What is one negative of communism?

Back

lack of choice

Front

What economic system is a combination of capitalism and communism? Options: Socialism, Fascism, Laissez-faire

Back

Socialism

Front

Is the current United States economy mostly capitalism or mostly communism?

Back

Mostly capitalism

Front

What is the primary form of ownership in a capitalist system?

Back

Private ownership

Front

How does capitalism promote innovation and entrepreneurship?

Back

By providing incentives for individuals to innovate and create new products or services in order to compete in the market and generate profit.