BM: 3-4 Compare and Contrast Types of Economic Systems

Front

Three basic questions for societies:

Back

What, How, For Whom

Front

Main reason for an economic system?

Back

Scarcity and mutual dependence

Front

Scarcity in economics refers to:

Back

Limited resources for unlimited wants.

Front

Economic system based on customs and traditions?

Back

Traditional

Front

Economic system with government-owned companies and centralized authority.

Back

Centrally Planned

Front

Economic system emphasizing equality and collective ownership?

Back

Centrally Planned

Front

Main characteristic of a Market Economic System?

Back

Private enterprise and minimal government regulation.

Front

Country operating under Capitalism?

Back

United States

Front

Economic system blending capitalism and socialism?

Back

Mixed

Front

Main reason for scarcity?

Back

Limited resources and competing wants