Economic System
What are the three main economic system?
Traditional, command, and market economies
who makes most economic decisions in a command economy?
The government
who owns businesses in a free market ?
private individuals
what type of economy does the USA have?
A mixed economy
what is the capital of France?
paris
What is a mixed economy?
An economy that combines government control and private businesses
what is one benefit of a command economy?
the government can provide for everyone equality
what determines prices in a free market ?
supply and demand
What does a planned economy mean?
The government makes most economic decisions
Tomato is a fruit or vegetable?
A fruit
What is the main goal of an economic system?
To decide how resources are used to produce goods and services
What is one disadvantage of a command economy?
there is little incentive to work hard
what is competition?
businesses competing for costumers
Who makes most production decisions in the USA?
Private businesses and consumers
How many months have 28 days?
All 12 months
What are the four factors of production?
land, labor, Capital, and entrepreneurship
what can a command economy limit?
freedom and innovation
more job opportunities
What is one advantage of the US free market?
people have more choices
what food do pandas mostly eat?
bamboo
Which economic system combines free markets with goverment involvement?
mixed economy
name one country associated with a command economy?
North korea
name one disadvantage of a free market ?
medical bills can be expensive
Why does the US government regulate businesses?
To protect consumers and provide public services
which planet is known as the Red planet
Mars