Which of the following is NOT one of the three main economic systems?

Which of the following is the way a society produces goods and services?

Little to no freedom in selecting a career and workplace is a characteristic in which economic system?

What is an economic system where only the government makes the economic decisions?

What type of economy do most countries in the world have?

The country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?

The government has little to no role in the production of goods in this type of economy.

The government gets to decide who gets what

Based on customs

Businesses have freedom to produce whatever they think consumers will buy

A command economy is when the government is in control.

Government planning groups make the basic economic decisions such as which goods and service to produce, prices and wage rates.

In a command economy, who holds power over the economy?

Which economy answers the 3 questions by repeating prior experience?

The invisible hand drives the economy is which system?

In a socialist economic system, who owns the most important factors of production?

In a command economy, decisions are made by

Which is a modern example of command economy?

What is a characteristic of a market economy?

The main concern of a traditional economic system is …..

Who is an example of traditional economy?

What are some negative effects of the traditional economy?

Traditional Economy Involves bartering or exchange of goods on goods

which of the following is a country that follows a command economy

what economy is a combination of a market and command economy?

Which type of economic system is it when the market decides what needs to be produced, private businesses decide how to produce, and consumers decide what they are willing to pay for goods?

In my country, central planners decide when we should expand old factories and build new ones.

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

Government own some, but not all resources

You can open small business

Laissez faire means

individuals are called

Represents all interactions in the market economy

Households are ____ in the factor market

Private property includes

Intellectual property includes

Business is a consumer in ____ market

The cost business pays for labor

Business pays the cost of using natural resources

Business pays the cost for using capital

Households are consumers in ____ market

Factor market is the same as resource market.

As long as the role of the government can't be eliminated, all modern economies are mixed.

Movement from governmental property to private

Venezuela's government took property of oil companies

Moving production abroad to other countries

The true power of consumer can be reflected by phrase

Market economy increases competition among consumers what leads to greater variety and lower prices.

People care about survival only

Shortage of luxury and necessity goods

provides the greatest social security for everyone

Promotes the greatest level of specialization

private property is a milestone of market economy.

The main role of the government in market economy is to guarantee private property rights what gives you permission to own, buy, sell, and benefit on usage of property.

France and Sweeden are examples of Socialism.

Communism can be called authoritarianism because decision making is concentrated in hands of one person who is the leader of the party.

Teaching of Marx viewed the Industrial Revolution as a reason of high wages gained by workers.

According to Marx proletarians will come to power through democratic changes.

Socialism is a feature of democratic countries.

Under communism people lack financial motivation to improve productivity and use resources efficiently.

What type of economic system is shown?

What type of economic system is shown?

What type of economic system is shown?

Promoted ideas embraced by ___ economy

Producers are motivated only by

Command economies often face shortage because they spend too much money on