Economic Systems
in regulating the distribution of funds.
In regulating the products sold.
In regulating the economy
The government in a mixed economy is only involved
Which type of government leader typically runs a command economy?
A dictator
The term ___ means the people or groups of people who live in residents
Households
Microeconomics study's
the individual households
A combination of both command and free market economies
What is a mixed economy?
What type of government runs a Free Market economy?
A democracy
The term ____ refers to an
organization that sells products.
Macroeconomics is the study of
the economy as a whole.
Command (Centrally Planned) and Free Market
What are the two main types of economic systems?
What is the belief in the need for free markets with little to no limited government intervention.
Laissez faire
A market where factors of production are bought and sold
Factor Market
positive externalities
good things that happen
wrote 'The Wealth of Nations' and is considered the father of modern economics.
Who is Adam Smith?
Socialism and communism both involve what?
principles of even distribution of wealth.
The marketplace where final goods or services are sold to households
Product Market
Negative externalities
bad things that happen
Structures, methods, and principles a society uses to produce and distribute goods and services
What is the definition of economic systems?
A democracy is a government that is ran or chosen by the __?
People
What the government spends money on
Expenditures
Economics the study of
how societies produce and distribute goods and services.