Economies

What are goods?

• good things

• Things that services sell

• services

• Bruce

What is a economy?

• I don't know
• Resouces
• A careful management of available resources 
• food and candy

Government ownership of the means of production; in command economies, governments will own some or all of the industries producing goods and services

• True

• False

Definition of a consumer?

• a person who is responsible on paying their employees 
• a person who purchases goods and services for personal use
• a person who often travels 

_what is the definition of command economy?

• economic system combining private and public enterprise.
  
• an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
  
• An economy in which production, investment, prices, and incomes are determined centrally by a government.

Who controls a Command Economy?

• People

• Government

• Both

What is the difference between market economy and command economy 

• market economy - little goverment intervention
  command economy - Central authority makes economic decisions
• market economy - north korea
  command economy - USA

Which is NOT one of the 5 characteristics of a Market Economy?

• Property Rights
• Freedom of Enterprise
• Competition
• Freedom of the Press

How does a free market economy view property rights?

• There are many limitations to owning private property
• No citizen has the right to own private property
• All property is public
• Private property is respected and kept secure

How would a free market economy be described?

• An economy in which decisions are made by the government.
• The international exchange of goods.
• An economy based on supply and demand with little or no government control
• An economy that is communist