Economics Systems
Government controls all production
Command Economy
What Country is a command economy?
Who makes most economic decisions in a free market economy?
Individuals and businesses.
what is a free market
an economic system in which the prices of goods and services are determined by the forces of supply and demand without government control
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saddam hussein
This economic system has elements of all types of economies.
Mixed Economy
Who decides what goods and services are produced in a command economy?
The government
What determines the prices of goods in a free market?
Supply and demand.
Who funds public projects
Government
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christopher Nolan
Government has little to no involvement in the economy
Free Market
What does the government guarantee to provide its citizens under a command economy?
Employment and wages.
The struggle among producers for the money of consumers
Competition
Who owns most businesses in a mixed economy?
Private individuals
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the creator of the whistle
most modern nations do not have a pure market or pure command economy; instead, they use this type of economic system that blends state regulation with private enterprise.
what is mixed economy
A command economy theoretically aims to distribute wealth evenly and achieve a social goal called?
Equality
What motivates businesses to make a profit in a free market?
Competition.
What does the government do in a mixed economy?
Regulates businesses
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7.5 quintillion
north Korea and Cuba are
communist countries
Because wages are fixed by the state and businesses cannot fail, workers and managers in command economies often suffer from a lack of this, leading to less efficiency and low quality goods.
Incentives
What is it called when one company control an entire market for a product?
Monopoly
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material mover
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wound repair