Types of Economies

Front

What is Free Enterprise?

Back

An economic system where individuals are free to start and control their own businesses.

Front

What type of economy is characterized by government control over production and distribution?

Back

Communism.

Front

Which type of economy do most democratic countries operate under?

Back

Free enterprise.

Front

What is another name for Free Enterprise?

Back

Capitalism.

Front

In a Free Enterprise system, who determines what goods and services are produced?

Back

Businesses run by private citizens.

Front

What is Capitalism?

Back

An economic system where private individuals own and control property and businesses.

Front

What is Socialism?

Back

An economic system where the government owns and controls the means of production.

Front

What is the main goal of a Free Enterprise system?

Back

To allow individuals to pursue their own economic interests.

Front

What is a key feature of Communism?

Back

The absence of private property.

Front

How does competition affect Free Enterprise?

Back

It encourages innovation and better services for consumers.