Economic Systems: Types of Economies

What is economy?

• People producing, buying , and selling things

• politics

• has nothing to do with money 

• religion (God or gods) 

Wants are....

• Things you have to have to live

• Things that you would LIKE to have but do not have to have them 

• A new iphone

Out of the following which one is NOT a need?

• Water

• Food 

• Shelter

• Internet 

What are "services"

• An act done for someone 

• objects we use

Who own the businesses (AND THE PROFITS) in a free market economy?

• Congress

• The president 

• Citizens 

• The Judicial Branch 

Who owns the businesses in a command economy?

• The government 

• Citizens

• The dictator 

What type of economy does the USA have?

• Free Market Economy 

• Command Economy 

• Mixed Economy