characteristics
economy where it’s based in a society of hunters/gatherers
traditional
There is little to no uncertainty
Traditional economy
A person who starts a new business
Entrepreneur
What type of economic system is CHINA
communist
economy where their is a high degree of individual freedom
market
Free education, health care, and other public services
Command economy
Money earned or taken in by business that is in excess of the funds invested in operating the business.
Profit
What type of economic system is the UNITED STATES
Capitalist
economy with no initiative to work hard and citizens have free healthcare
command
Adjust to change or consumer wants
Market economy
The exclusive right of an inventor to manufacture, use, and sell his or her invention for a specific period, currently 20 years, after which a patent may be renewed.
Patent
what type of economic system is RUSSIA
Communist
economy where government has total control over production and its factors
command
Everyone knows what role to play
Traditional economy
Economic system that combines elements of capitalism and socialism; in a mixed economy, the government regulates private enterprise.
Mixed economy
What type of economic system is SINGAPORE
Capitalist
economy where traditional celebrations like christmas affect parts of the economy
mixed economy
Wide variety of available and goods and services
Market economy
An economic system in which the government owns the basic means of production, distributes products and wages, and provides social services such as health care and welfare.
Socialism
What type of economic system is VENEZUELA
Socialist