Vocabulary
Command Economy
What country has a Free market economy?
United States
What country has a government controlled production?
Russia
An economic system in which the government owns the basic means of production, distribution products and wages, and provides social services such as health care and welfare.
socialism
An economic system that production is owned and the government directs the major decisions
Communism
What country has Low taxes?
Singapore
what aspects of the economy do communist governments control?
They regulate production, wages, and prices
what is the basic goal of socialist economy?
The government helps by giving free , cheaper health care, education, and housing.
Mixed Economy
List one thing about the characteristics of a capitalist economy
Private ownership, free market competition, limited government interference
who has state control over major industries?
China
What country has the government controls on their major industries?
Venezuela
Money earned or taken in by a business
Profit
Which country is mixed economy with strong welfare programs?
What does the government control? (ALL ASPECTS)
Production, wages, prices
who owns the means of production (regrading essential goods)
The People/Government
What is a person who starts a new business called?
Entrepreneur
what are the characteristics of a capitalist economy?
free market competition, private ownership of businesses and property, limited government
What are Two Disadvantages?
Discourages new ideas and new ways of doing things.
Lack of progress lowers standards of living.
does socialism have aspects of a command economy?
yes