Economic Systems

Prices for goods and services are based on

• Supply & Demand

• Type of Service

• Cost of Good

• Profit & Lost

Johnathan wants to be a doctor, but his family have always been farmers, so he becomes a farmer

• Mixed Economy

• Traditional Economy

• Market Economy

• Command Economy

Most modern economies today are ______ economies

• Mixed

• Traditional

• Market

• Command

Economies try to answer these fundamental economic questions:

• How are goods and services to be produced?

• For whom are goods and services to be produced?

• What goods and services are to be produced?

• all of these

Something that is owned by individual people or groups

• Entrepreneur

• Free Enterprise

• Private Property

• All of these

A person who buys or uses goods and services is known the __________.

People that are foreign-born and choose to become citizens must go through a process called _________.

• Immigration

• Due Process

• Naturalization

• U.S. Constitution

_____________ equity involves the fair and just distribution of society's wealth?

• Educational

• Capital

• Economic

• Societal

An economic system in which both the government and individuals play important roles in production and consumption is a ____________ economy.

• Mixed

• Market

• Command

• Traditional

Mr. Franklin took out a loan from the bank to open a bike repair shop. He would have to pay 15% interest on the loan. What is Mr. Franklin expecting to gain from this business?

• A lower interest rate

• Loan forgiveness

• A Profit

• A new location for his shop