Economic Systems and Private Enterprise

The exclusive possession or control of the supply of or trade in a commodity or service.

• MONOPOLY

• FULL CONTROL

• UNETHICAL BUSINESS

• COMMAND ECONOMY

An economic system in which people do things the way they have always done them (according to habit, custom, or religious belief).

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

An economic system that is made up of parts of several other economic systems.

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

An economic system that is made up of parts of several A market economy is an economy based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand.

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

(also known as Centrally-Planned Economy or Command Economy) - An economic system in which the government controls and regulates production, distribution, prices, etc. planned economy

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

CHECK ALL THAT APPLY: An economic system heavily influenced by habits, customs, and religious beliefs

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

CHECK ALL THAT APPLY: Government directly influences and vastly controls business practices due to ownership of natural and capital resources

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

CHECK ALL THAT APPLY: Prices are influenced by supply and demand

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

CHECK ALL THAT APPLY: Considered synonymous with capitalistic economy

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY

CHECK ALL THAT APPLY: Individual freedom is limited (roles of individuals are static from generation to generation)

• TRADITIONAL SYSTEM

• MIXED SYSTEM

• MARKET SYSTEM

• PLANNED ECONOMY