Economic Systems/Supply & Demand

Helps society provide the needs & wants of citizens

• Economic System

• Economic Spectrum

• Economic Turmoil

Which one is not one of the 3 questions a economic system needs to answer

• Why

• What

• Who

Economic System that is based on what your ancestors did

• Command

• Capitalism

• Traditional

Economic System that the Government answers the 3 questions

• Capitalist

• Command

• Traditional

Economic System that gives the most individual freedoms

• Command

• Capitalist

• Traditional

99.9% of Economic Sytems in the world are these:

• Market

• Planned

• Mixed

Who is the founder of Capitalism

• Karl Marx

• Adam Smith

• Ronald McDonald

Adam Smith believed that Competition and Profit(money) moved the economy forward, this is called

• Invisible Hand

• Visible Hand

• Helping Hand

USA is what type of economic system

• Market

• Command

This is the money you earn after you take away your costs

• Revenue

• Profit