Economic Systems

Front

An economic system in which individuals and businesses make decisions about what to produce.

Back

Market economy

Front

Capital resources

Back

the machines, tools, and buildings used to produce goods

Front

Most economies are _____.

Back

Mixed

Front

Which provides the greatest incentive for entrepreneurs to take risks? Options: prices, inflation, profits, interest

Back

profits

Front

With which term is a command economic system MOST closely associated?

Back

Governmental regulation

Front

Oil, natural gas, and coal

Back

natural resources

Front

Competition and profit motive are important characteristics of which type of economy?

Back

market economy

Front

What type of economic system is based on customs and beliefs?

Back

Traditional

Front

The four types of economic systems are: Traditional, Command, Mixed, & Market, Traditional, Command, Combined, & Market, Communism, Capitalism, Free Market, and Macroeconomics, Microeconomics, Macroeconomics, Individual, and Traditional.

Back

Traditional, Command, Mixed, & Market

Front

A person who comes up with a product or service, and finds the money and time to produce this new product.

Back

Entrepreneur