Chapter 17 Review

Type of Economic Systems:

economic decisions are made based on customs and beliefs that have been handed down generation to generation.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Type of Economic Systems:

decisions are made 100% by individuals with no government oversight.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Type of Economic Systems:

the government controls all economic development and decides how to best use resources and distribute wealth.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

Type of Economic Systems:

most decisions are made by individuals but government has a role and sometimes oversees entire industries.

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

What type of economy does the United States have?

• Traditional Economy

• Command Economy

• Market Economy

• Mixed Economy

A situation where only one company sells a specific product or provides a specific service.

• Free Enterprise

• Free Market

• Monopoly

• Profit

The lack of a particular product or resource, therefore the price rises.

• Scarcity

• Profit

• Competition

• Monopoly

Loans lent to a company by people or an investor.

• Stocks

• Bonds

• Mutual Funds

• Stockholder

Business Organization:

Usually a small business owned by one person, such as hair salons or a local grocery store. You are your own boss an collect all of the profit, but have to pay for office space, employment, and are responsible for the success or failure of the business.

• Corporation

• Non Profit Organization

• Partnership

• Sole Proprietprship

Business Organization:

2 or more people share responsibilities, costs, profits, and losses. You get to share responsibilities and ideas with your business partner, but may result in the loss of personnel belongings and disagreements with partner.

• Corporation

• Non Profit Organization

• Partnership

• Sole Proprietprship