Types of Economic Systems

What is an economy?

• The wealth and resources combined of a country or region.

• How a society decides on the ownership and distribution of it's economic resources.

• The goods and services a country provides.

• How a society values it's money.

What are economic resources?

• The wealth and resources combined of a country or region.

• How a society decides on the ownership and distribution of it's economic resources.

• The goods and services a country provides.

• How a society values it's money.

What is an economic system?

• The wealth and resources combined of a country or region.

• How a society decides on the ownership and distribution of it's economic resources.

• The goods and services a country provides.

• How a society values it's money.

Which of the following is not one of the three economic questions all societies must answer?

• What should be produced?

• How should it be produced?

• Who to produce for?

• How should it be produced?

A consumer is someone who ___________ a product.

• Buys

• Sells

• Creates

• Improves

A producer is someone who ______________ a product

• Buys

• Sells

• Creates

• Improves

What is a good?

• Something that you create that you can hold

• Something that someone does for you

• A good deed a person does

• A type of economic system

What is a service?

• Something that you create that you can hold

• Something that someone does for you

• A good deed a person does

• A type of economic system

Who owns the goods & services in a market economy?

• The people/citizens

• The government

• Families

• Both the people & the government

In a market economy, production of goods & services is based on what two things?