economics systems
planned economy controls ------- factors produced?
most
what are some drawbacks?
lack of incentives, extreme bureaucracy, efficiency, etc.
What is a free market economy?
An economy where people and businesses make most economic decisions.
What is a planned economy?
The government makes most economic decisions.
What is the largest planet in our solar system?
Jupiter
What is a big command economy?
north korea
What is an opportunity cost?
giving up something for somethings else
Who decides the prices of goods in a free market?
Supply and demand help determine prices.
What is a free market economy?
People and businesses make most economic decisions.
How many days are in a leap year?
366
Individuals own the factors of production?
Free Market Economy
3 basic questions asked?
What to produce, how to produce it, and who gets it.
What is one advantage of a free market economy?
Businesses compete to offer better products and prices.
Is the USA a free market economy?
Yes, but the government also regulates businesses.
What is the capital of California?
Sacramento
When people and the government work together to make the economy?
mixed economy
Who makes the economic decisions in a command economy?
The government makes most of the economic decisions.
What is one disadvantage of a free market economy?
Some people may not be able to afford basic needs.
Who controls businesses in a planned economy?
The government has most of the control.
How many sides does a hexagon have?
6 sides
What are the four types of economic systems?
traditional, command, market, and mixed economies
What is one advantage of a command economy?
The government can focus on meeting people's basic needs.
What role do businesses play in a free market economy?
Businesses make and sell goods and services to earn money.
What is one difference between a planned economy and the USA's economy?
mostly by the government
What is the fastest land animal?
The cheetah