Economic Systems
What is an Economic System?
A way a society produces and distributes goods and services.
Who makes most economic decisions in a command economy?
The government.
Who makes most economic decisions in a free-market economy?
Individuals and businesses.
What type of economy does the United States have?
A mixed economy.
What is Mr Deihl Favorite college footballl team
Michigan
Which economic system gives the government the most control?
Command economy.
Who decides what goods businesses produce?
The government.
What determines prices in a free market?
Supply and demand.
What is a mixed economy?
An economy combining private businesses with government involvement.
Who will win the World Series
The Dodgers
What economic system is based on customs and traditions?
Traditional economy.
Name one country with a command economy.
North Korea.
What is competition?
Businesses competing to attract customers.
Name one service the U.S. government provides.
Public education.
Is Mr Diehl Handsome?
YES
What are the four factors of production?
Land, labor, capital, and entrepreneurship.
What is one advantage of a command economy?
The government can focus resources on important needs.
What is the profit motive?
The desire to earn money from a business.
What is one way the government regulates businesses?
By enforcing safety laws.
What kind of animal would ricky be?
A puppy
What is one major disadvantage of a command economy?
Consumers have fewer choices.
Why might a command economy experience shortages?
The government may produce the wrong amounts of goods.
How does competition benefit consumers?
It can lead to lower prices and better products.
Why is the U.S. not a completely free-market economy?
The government regulates businesses and provides public services.
Where does Jozhell work at and what days does he work
Mcdonalds, on friday, saturday, and sunday