Economic Systems Quizlet.Live
Terms in this set (33)
Everything is shared equally even if you work harder than someone else
Also known as market economy
Freedom, opportunity, ability to move social classes, lower taxes
Capitalist country (almost fully)
There is no competition in this economic system. Government controls prices and values.
Everyone works for the good of society.
Communist country (best example)
No one who wants a job is unemployed.
Businesses compete against each other - Free Market
Socialism (and some mixed economy) healthcare
Health care is free and funded by high taxes.
Communism class system
This society is based on a lack of classes. Money and resources are shared equally.
Communism government regulation
There is complete government regulation in industry.
Capitalism class system
Societal advancement and class is based on the accumulation of wealth.
An economic system combining private and public enterprise.
Failure happens, wealth is not equal, individuals have to provide for themselves
No social classes, government provides for people (healthcare, education, employment), no individual failure
Lack of freedom, lack of motivation, lack of choice
Mixed economy advantages
Allows for freedom of choice with protections for the people
Mixed economy disadvantages
High taxes, not as free as capitalism, social classes still exist
Mixed economy property
Most land and business are privately owned, however the government does own large business and some land
Basic Economic Questions
What to produce? How to produce? For whom to produce?
Another name for communism
people who buy and use products
how people make, use, and exchange things of value.
Another name for capitalism
Goods and Services
What people buy and sell
Something (usually money or a prize) that makes you behave a certain way.
The most common type of global economy
The value of what you have to give up, to choose something else.
The difference between limited resources and limitless wants.
Standard of Living
The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or a certain geographic area.
Supply and Demand
What determines price in free market
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