Economic Systems
People can make their own economic choices with little government control.
Free Enterprise System
The amount of goods or services available for sale.
Supply
A person or business that makes or provides goods and services.
Producer
A system where the government’s powers are restricted, especially in economic matters.
Limited Government
New ideas, products, or methods that improve how things are done.
Innovation
Prices and production are determined by supply and demand.
Market Economy
The desire and ability of consumers to buy goods and services.
Demand
Physical items that can be bought or sold.
Goods
A government that has total control over the economy and citizens’ lives.
Unlimited Government
Putting money into a business or idea to make a profit
Investment
The government controls what is produced, how, and for whom.
Command Economy
The amount paid for goods or services, determined by supply and demand.
Price
Actions performed for others for payment.
Services
The right to own and control possessions as you choose.
Private Property
Exchanging goods or services without using money.
Barter/Trade
Decisions are based on customs, traditions, or beliefs.
Traditional Economy
A person who buys or uses goods and services.
Consumer
The money made after all costs are paid.
Profit
What are SNAP (Supplemental Nutrition Assistance Program) is for food assistance / Medicaid and Medicare are health insurance programs considered to be.
Government-funded Programs
Goods sent out to other countries for sale.
Export(s)
Has features of both free enterprise and command economies.
Mixed Economy
The rivalry between businesses to attract customers and make profits.
Competition
A person who starts and runs a business, taking risks to earn profit.
Entrepreneur
Laws or rules that control or limit how businesses operate.
Government Regulation
Goods brought into a country for sale.
Import(s)