Economic Systems

Physical products that are produced to be sold

• Goods

• Services

• Consumers

• Economy

A system for producing and distributing goods, and services to fulfill people's wants

• Economy

• Communism

• Politics

• Distribution

Check the two jobs that provide a service

• Farmer

• Mechanic

• Lawyer

• Factory Worker

In economic terms, everyone is a

• producer

• distributor

• consumer

________________ manufacture goods or provide services

• Producers

• Consumers

• Distributors

• Economists

Which two economic systems are "planned," where the government plays a large role in the economy

• communism

• capitalism

• socialism

An economic system based on private property and free enterprise. Little government involvement

• Communism

• Capitalism

• Socialism

Economic system where the government controls everything, everyone is supposed to be equal.

• Communism

• Capitalism

• Socialism

Economic System where the government funds a safety net to make sure everyone's basic needs are met. Non-basic businesses remain privately owned

• Communism

• Capitalism

• Socialism

In this system, people can be really rich, but you also have people that are poor, hungry and homeless

• Communism

• Capitalism

• Socialism