Economic Systems

Front

An economic system in which individuals and businesses make decisions about what to produce.

Back

Market economy

Front

What are capital resources?

Back

the machines, tools, and buildings used to produce goods

Front

Of the four types of economic systems, most economies of the world are _____.

Back

Mixed

Front

Which provides the greatest incentive for entrepreneurs to take risks? Options: prices, inflation, profits, interest

Back

profits

Front

With which term is a command economic system MOST closely associated? Options: Entrepreneurship, Economic Freedom, Perfect competition, Governmental regulation

Back

Governmental regulation

Front

Oil, natural gas, and coal can all be categorized as which of these? human resources, natural resources, entrepreneurship, capital resources

Back

natural resources

Front

Competition and profit motive are important characteristics of a:

Back

market economy

Front

What type of economic system is based on customs and beliefs? Options: Market, Mixed, Traditional, command

Back

Traditional

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market.

Back

Traditional, Command, Mixed, & Market

Front

A person who comes up with a product or service, and finds the money and time to produce this new product.

Back

Entrepreneur