Types of Economies Flashcard

Front

Which type of economy is characterized by private ownership of resources and the use of markets to determine prices and allocate resources?

Back

market economy

Front

In which type of economy does the government have complete control over the allocation of resources and the production of goods and services?

Back

Command economy

Front

Which type of economy combines elements of both market and command economies?

Back

mixed economy

Front

In which type of economy are resources owned and controlled by individuals and businesses, with limited government intervention?

Back

Market economy

Front

Which type of economy aims to achieve economic equality by distributing wealth and resources equally among the population?

Back

Socialist economy

Front

Which type of economy is driven by supply and demand, with prices determined by the interaction of buyers and sellers in the market?

Back

Market economy

Front

In which type of economy does the government play a significant role in regulating and controlling some economic activities while allowing the free market to operate?

Back

mixed economy

Front

Which type of economy is based on the principles of individual freedom, private property rights, and profit motive?

Back

market economy

Front

Which type of economy is characterized by public ownership of resources and the means of production?

Back

planned economy

Front

In which type of economy do individuals and businesses have the freedom to make economic decisions?

Back

market economy