Which point on the diagram BEST represents a free market/free enterprise economy

Which type of economy has private property, consumer sovereignty (consumer power), individual choice, profit, and no government involvement?

An economic system in which the government decides what goods will be produced, how they will be produced and how they will be distributed

Sometimes called Free Enterprise which allows for private ownership of businesses and property

An economy in which changes in prices and consumer demand guide what and how goods and services will be produced, distributed, and consumed

The government makes the basic economic decisions such as which goods and services to produce, prices, and wage rates.

What are 2 Characteristics of a free enterprise economy?

What are 3 characteristics of a communism's economic system?

An industry that includes farming such as growing crops and raising livestock (animals)

Which type of economic system bases its decisions on custom?

What is a synonym for Free Enterprise?

Supply and demand determines how much an item costs.

The government or other central authority makes all economic decisions.

There is no competition; the purpose of business is to provide goods and services, not to make a profit.

Individuals have freedom to make economic decisions. Profit is the motive for increasing work.

In a communist society...

Which system(s) have a classless society?

In a _________ economy, a government works with corporations to meet the basic needs of all citizens in order to _________.

When people are from all around this world this is called -

The goal of this economy is to earn a profit. $$$

The government took our family farm away from us and now we have to work in a factory.

The government sets a quota for my work. I have to make 20 shirts a day.

When I grow up I want to be an entrepreneur and start my own business.

Big sales and huge advertisements make you want to shop at Target.

You can own your own business but the really large businesses the government owns.

I want to own my own bakery and make cookies and cupcakes shaped like Anime characters.

When the supply is high and the price is low this is called -

Which economy is called a MIX of two different ones?

High TAXES are usually part of a

The government owns the large airline but he people own the smaller businesses.

My taxes may go up 40% to pay for free healthcare for everyone.