U3 - Economic Systems

Unemployment is not an issue since the economy is stable

• Socialist

• Traditional

• Free Enterprise

• Communist

An economic system where you have free health care, schooling at no or minimal cost.

• Capitalism

• Communism

• Socialism

Which economic system controls the distribution of goods and services. Government owns everything.

• Capitalism

• Communism

• Socialism

Advantages are lower cost of goods and ease of starting a business.

• Traditional

• Free Enterprise

• Communist

• Socialist

Low levels of inequality and unemployment

• Traditional

• Free Enterpise

• Communist

• Socialist

Using machinery, like a tractor to grow crops for a profit.

• Commercial Farming

• Subsistence Farming

• Cottage Industry

• Commercial industry

Growing only enough food to feed your family

• Commercial Farming

• Subsistence Farming

• Cottage Industry

• Commercial Industry

Made by hand, entire family works together.

• Commercial Farming

• Subsistence Farming

• Cottage Industry

• Commercial Industry

Goods are manufactured in factories for sale throughout the country or overseas.

• Commercial Farming

• Subsistence Farming

• Cottage Industry

• Commercial industry

This picture is a symbol of what economic system?

• Communism

• Socialist

• Free Enterprise

• Traditional