Capitalism
List 1 country that has a capitalist economy
USA, Australia, Switzerland, etc.
List 1 country that has a communist economy or is pretty dang close
North Korea, Russia, Etc.
How many people control a oligopoly economy?
Several
When should the government step in, in a capitalist economy?
Only when it's absolutely necessary
What is the main economy type in the USA?
Capitalism
What is one thing that is unique about capitalism?
Ability to own private property, more innovative products, etc.
Who controls things inside a communist economy?
The government
How many people control the market in a monopoly?
1
What is a price ceiling?
A government imposed price maximum
What does a mixed market combine?
Capitalism and Socialism
What drives markets inside a capitalist economy?
Supply and Demand/the consumers
What is the ultimate goal of communism?
Remove social classes
What type of market do economists say would be the best but has yet to be accomplished?
Perfect Competition
What is a price floor?
A government imposed price minimum
A command economy relates to which type economic system?
Communist/socialist
Who controls the economy inside a capitalist economy?
The people
What is an advantage of communism?
Less inequality, everyone can work, etc.
What is a monopolistic competition market?
Multiple people producing pretty much the same product, competing with one another
Rent controls in New York is a...
What is a bailout?
Government saves a business from collapse
What is a disadvantage of capitalism?
Could lead to inequality, less jobs, social classes. etc.
What is the name of the man who created communism?
Karl Marx
What type of market does the US have?
Monopolistic Competition
Minimum Wage is a
Price floor
Government is democratically elected, citizens could own private property,etc.