B.E. 2.03-2.04 Vocabulary

What word best describes: An economic system in which all or many of the means of production and distribution are owned and controlled by the government

• Command economy

• Communism

• Economic System

• Market Economy

What word best describes: A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution

• Communism

• Economic System

• Market Economy

• Socialism

What word best describes: The organized way in which a country handles its economic decisions and solves its economic problems

• Economic System

• Market Economy

• Socialism

• Traditional Economy

What word best describes: An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace

• Market Economy

• Socialism

• Traditional Economy

• Command Economy

What word best describes: A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well

• Socialism

• Traditional Economy

• Command Economy

• Communism

What word best describes: A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well

• Traditional Economy

• Command Economy

• Communism

• Economic System

What word best describes: An individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts

• Entrepreneur

• Private Enterprise System

• Small Business

• Market Economy

What word best describes: An economic system in which individuals and groups, rather than the government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services 

• Private Enterprise System

• Small Business

• Market Economy

• Command Economy

What word best describes: A business that employs 500 or fewer people

• Small Business

• Command Economy

• Market Economy

• Traditional Economy