Economic Systems

Front

A(n) ____ system is the way communities and governments organize resources, goods, and services.

Back

economic

Front

When the government controls economic activity, it is called a ____ economy.

Back

command

Front

A/An ______ is something that is offered to people to help them make a decision about goods and service's.

Back

economic incentive

Front

An example of a negative economic incentive is a ____

Back

fine

Front

The transportation of people in a country depends on bicycles. Two partners are told by the government to repair bicycles for a fixed price. This is an example of a _____

Back

command economy

Front

The price of goods and services is determined by: the owners and the market

Back

capitalism

Front

The price of goods and services is determined by: the government fixes the prices.

Back

command

Front

The price of goods and services is determined by: Barter and trade with each consumer for goods and services.

Back

traditional

Front

Under capitalism, business must compete with one another for ___.

Back

consumers

Front

Multiple producers wanting consumers to purchase their product creates ___ in the marketplace.

Back

competition