Economic Systems
Any place where people meet to exchange goods and services.
What is a market economy?
Considered to be the father of economics/capitalism.
Who is Adam Smith?
An economic system in which the government makes all economic decisions.
What is a command economy?
The two types of products that people buy.
What are goods and services?
This German philosopher promoted the concepts of equal ownership of the means of production.
Who is Karl Marx?
Most countries in the world are this type of economy today.
What is a mixed economy?
This American economist argued that the solution to recessions such as the Great Depression was to stimulate the economy through expansionary policy.
Who is John Maynard Keynes?
In this economy individuals farm, hunt and gather to barter or trade goods and services with each other.
What is a traditional OR barter economy?
The enjoyment or satisfaction people receive from consuming goods and services.
What is utility?
Name the theory, as coined by David Ricardo, that nations should specialize in that which they have the lowest opportunity cost.
What is Comparative Advantage?