Economic Systems

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

• Market economy

• Mixed economy

• Communism

• Command economy

What are capital resources?

• things from nature used to produce goods
• the machines, tools, and buildings used to produce goods
• the people used to produce goods

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

Which provides the greatest incentive for entrepreneurs to take risks?

• prices
• inflation
• profits
• interest

With which term is a command economic system MOST closely associated?

• Entrepreneurship

• Economic Freedom

• Perfect competition

• Governmental regulation

Oil, natural gas, and coal

• human resources

• natural resources

• entrepreneurship

• capital resources

Competition and profit motive are important characteristics of a:

• command economy

• traditional economy

• market economy

• socialist economy

What type of economic system is based on customs and beliefs?

• Market
• Mixed
• Traditional
• command

The four types of economic systems are: 

• Traditional, Command, Mixed, & Market
• Traditional, Command, Combined, & Market
• Communism, Capitalism, Free Market, and Macroeconomics
• Microeconomics, Macroeconomics, Individual, and Traditional.

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

• Entrepreneur
• Incentive
• Specialization
• Barter