Economic Systems
The way in which a society decides how to use its resources to produce and distribute goods and services
Economic System
The actions of buying and selling.
Market
This is a system in which individuals/businesses decide what, how, and how much will be produced/sold
Capitalism
Canada
Developed
This is a system of producing, selling, and buying goods and services?
Economy
This is a system in which decisions are based on customs. (Amish)
Traditional-Based Economy
Another term for a capitalist system is:
Market
These are people who create goods and services
Producers
Russia
Emerging
These two words describe the amount of product available to sell and how many people want to buy it.
Supply & Demand
This is a system in which a central agency owns/controls and decides what goods a country will produce. (North Korea, Cuba, and Former USSR)
Command Economic System
The concept of _______ allows people to buy and own land, a home, or their own business
Private Property
This is the amount of money asked for/paid for a good/service
Price
South Africa
Emerging
This refers to human time, effort, skills, and talent needed to produce goods.
Labor/Work
Individual people and businesses decide what, how, and how much they will produce and how the products will be distributed.
Market Economic System
It's easiest to start your own business in this type of system.
Market or Free Enterprise System
This is when a business' income is less than its cost
Loss
Less Developed countries have?
A. Low literacy rates <60%
B. Literacy rates between 60-90%
C. High literacy rates >95%
A. Low literacy rates <60%
These are items such as tools, machines, factories, and office equipment needed to produce something.
Capital
This has some features from traditional, command, and market economic systems. (USA and most other countries)
Mixed Economic System
This system has no incentive to produce better products or engage in entrepreneurship.
Command
This is property owned by a business or individual
Private Property
More Developed Countries:
A. High life expectancies
B. Increasing life expectancies
C. Low life expectancies
A. High life expectancies
A sum of money that is owed or due.
Debt