Definitions
Socialism, capitalism and communism are the 3 _______
major economic systems
What to produce? How to produce? For whom to produce for?
For years, in my family the daughter always prepared the table for dinner it's ___________
Tradition
What type of economy does China have? (Capitalist, socialist or communist?)
Communist
A person who starts a new business
Entrepreneur
Individual roles and responsibilities are defined by the customs of the elders and ancestors
Traditional Economy
In my country the government tells you whom to produce for and what to produce, Which economy?
Command
Which type of economy does Russia have? (Capitalist, socialist or communist?)
Communist
Money earned from a business
Profit
Central authority (government) controls the economy
Command economy
As a consumer in my country, what's being produced is based on supply and demand, Which economy?
Market economy
Which economy does the United States have? (Capitalist, socialist or communist?)
Capitalist
Economic systems that combine elements from each different economic system
Mixed economy
An economic system in which private citizens own and use the factors of production in order to generate profit
Capitalism
In my economy the government owns and provides products and give us whats needed. Which economy?
Capitalism
Which type of economy does Venezuela have? (Capitalist, socialist or communist?)
Socialist
The right of an inventor to manufacture, use and sell his or her invention for a specific period
Patent
North Korea is a _______ economy
command
In my country the government controls food, housing, healthcare and education. Which economy?
Which type of economy does Sweden have? (Capitalist, socialist or communist?)
Capitalist