Types of Economic Systems
How a society organizes itself to allocate limited resources in the production and distribution of products
What is an Economic System
Pros of this type of market is people will know what will happen
What is a traditional economy
The founding principal of US economy
What is free enterprise (Free Market, Capitalism)
The amount of output that can be produced from a given input
What is productivity
Focuses on large scale economy
What is macroeconomics
Traditional, Command, Market and Mixed
What are 4 types of market systems?
Cons of this market is people have little freedom and motivation to work hard
What is Command economy
The driving force of the US economy
What is Entrepreneurship
It can increase productivity
What is investment in human or physical resources.
Focuses on individuals, households and businesses
What is microeconomics
Economic decisions based on past beliefs and customs, including religious beliefs
What is a traditional economic system
Pro of this market economy is Full employment, everyone has healthcare and housing
What is a command market system
Features of the US economy
What is freedom of choice, profit, incentive, private property, competition, and limited government
Negative side effect of increased productivity after industrial revolution
What is pollution
Having limited resources and unlimited wants and needs
Scarcity
All economic decisions are made by a central authority, usually the government
What is a command system
A pro of this system is it leads to innovation, greater product diversity and quality
what is a market economy
Traditions inthe US that Create economic activities
What are the holidays;Easter, Halloween, Thanksgiving and Christmas
A good measure of a nations productivity
What is GPD/capita
All types of businesses that are related to the same good or service
What is Industry
Economic decisions are left to the interactions of buyers and sellers in the market place. Government has limited role. Driven my the concept of supply and demand
What is a market Economy
A blend of all three basic economies
What is a mixed economy
This term ranks countries wealth NOT based on economic factors, but based on social and health factors, including: Religious freedom, Availability of electricity and clean water, Life expectancy, Gender equality, How they treat minority populations, Violence/crime rates, Environmental pollution, And many, many more!
The U.S. is ranked 25th
What is Social Progress Index
In general we can say the higher the nations productivity the higher the standard of living.
What is the relationship between productivity and standard of living
Money & man-made objects owned by a business to help make a product or perform a service
What is Capital