Economics

Economic System where there is limited technology and ideas are passed down from generation to generation

• Command
• Traditional
• Mixed
• Market

What is Free Enterprise (Capitalist) Economy?

• Individuals and businesses are allowed to compete for profit with a minimum of government interference

• The government controls the economy

Almost every person is a farmer. The government provides few services for health and education.

• Socialist Economy

• Communist (Command) Economy

• Free Enterprise (Capitalist) Economy

• Traditional Economy

In a traditional economy, all economic questions are answered by________ and _________.

• scarcity and costs

• supply and demand

• goods and services

• tradition and elders.

What type of economy has ALL decisions controlled by the government?

• Traditional

• Free Enterprise

• Socialist

• Communist

What type of economy has commercial farming?

• Traditional

• Free Enterprise

• Socialist

• Communist

What type of economy asks for its citizens to work together and sacrifice to create a classless society?

• Traditional

• Free Enterprise

• Socialist

• Communist

What type of economy has government control of important businesses?

• Traditional

• Free Enterprise

• Socialist

• Communist

What type of economy is in China?

• Traditional

• Free Enterprise

• Socialist

• Communist

Although it is a mixed economy, the United States most closely has which economy?

• Traditional

• Free Enterprise

• Socialist

• Communist