C&E: Types of Economies

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.

• Capitalism

• Socialism

• Communism

A theory that advocates shared or governmental ownership of resources

An economic and social system in which private ownership is completely eliminated and society collectively owns the rights to all resources

These are the benefits of a free market economy (check all that apply)

• Competition

• The invisible hand

• Government interference is discouraged

• A dictator leads the economy

The buildings, equipment, and human skills used to produce goods and services

Money borrowed with a promise to pay it back later with interest

An economic system that combines elements of market and command economies

• Mixed Economy

• Command Economy

• Traditional Economy

• Free Market Economy

The total quantity of goods produced in a country divided by its total population.

• Capital

• Per Capita GDP

• Credit

• Inflation

A measure of a person's quality of life

• GDP

• Free Market Economy

• Standard of Living

• Economy

A situation in which a person strives to perform better and be more successful than someone else

• Competition

• Enterprise

• Credit