Traditional
What usually determines a person's occupation?
In this system, jobs are often passed down from parents to children
Who makes most economic decisions in this system?
The government decides how many cars and computers will be produced.
What economic force is influencing the price?
A company lowers prices because customers are buying fewer products.
What is the government sector?
Roads, schools, and police departments are often provided by this part of the economy.
What are the main types of economic systems?
These four systems are traditional, command, market, and mixed.
hat guides production and work in a traditional society?
Customs and traditions play the biggest role in economic decisions.
What determines what businesses produce?
Factories follow government production goals rather than consumer preferences.
Who are consumers?
This group has the most influence over what products businesses decide to make.
What two groups share economic responsibility?
Privately owned businesses operate alongside government services.
What is a traditional economy?
An economic system in which customs and traditions guide economic decisions.
Why might people resist changing their methods of production?
A community continues farming and fishing the same way it has for generations.
What is one advantage of central planning?
During a natural disaster, resources can quickly be directed where they are needed.
What is private ownership?
wning your own restaurant or clothing store is an example of this economic right.
What are government regulations?
Workplace safety laws and minimum wage laws are examples of these
What is a command economy?
An economic system where the government controls what is produced and sold.
What is one advantage of relying on traditions?
Preserving culture is a major strength of this system.
What is a communist government?
This type of government is most commonly connected to command economies
What is competition?
Businesses often improve products because they are trying to attract customers away from rivals.
What combines economic freedom with government involvement?
Most countries today use this combination of economic ideas.
What is a market economy?
An economic system where prices are determined by buyers and sellers.
What is a lack of advanced technology?
This challenge can make it difficult for communities to compete with modern economies.
hat is one disadvantage of government control over production?
Consumers often have fewer choices because competition is limited.
What is income inequality?
Some people earn much more money than others under this system
What is a mixed economy?
The United States is an example of this type of economic system.
What is a mixed economy?
An economic system that combines private business with government involvement.