Types of Economic Systems
This type of economic system allows people to own all the resources without government regulation.
Market economy
Human capital
The term for the state in which society has limited resources
Scarcity
A single company that represents the whole industry is called a
Monopoly
What term relates to activities inside a particular country
Domestically
Command
Technological
Who studies how people make decisions?
Economists
Which type of market structure includes a large number of small companies competing against each other?
Absolute advantage
The United States has this type economic system
Mixed system
The author argues that economies can only prosper when individuals have ____.
Choices
Economists analyze forces and ______ that affect the economy as a whole.
Trends
A small number of large companies that sell differentiated or identical products is a called
An oligopoly
Comparative advantage
In this type of economic system, very little waste is created or produced
Traditional
This term refers to the skills, education, health, and training of individuals
Human capital
Inflation
Which type of market structure allows sellers to sell similar products but sellers lack price influence over commodities
Perfect competition
Term for a commodity, article, or service sold abroad.
Export
The three factors of production are
Land, labor, and capital
The author proposes access to improved __________ will help to increase income and health.
Education
People respond to ____, which can be positive or negative.
Incentives
Monopolistic competition
explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.
Law of supply