Economic Systems Flashcards
Term for the type of structure a country uses to provide goods and services to consumers
Economic System
The 3 Economic Systems
Command Economy
- pure command economy
- centrally planned economy
- communist
Pure Market Economy
- free market economy
- market economy
- free enterprise
- capitalist system
Mixed Economy
-modern mixed economy
Sector of government owned businesses
Public Sector
In this economic system the government decides what will be produced
Government is completely in control
Command economy
Pure command economy
Communist
Which economic system contains a combination of both elements of the two other systems
Mixed Economy
Another term for command or centrally planned economy, often used when speaking of politics
Communist
What 3 questions must any economic system answer
What to produce
How to produce
For whom to produce
Companies owned by the government and a non-government group together
Acronym and what it stands for
P3’s
Public-Private Partnership
Term for land owned by the government
Crown Land
What type of system does Canada have?
Mixed Economy
What is the main factor in determining which type of economic system a country has?
How much the government is involved in business
Selling a government owned business
Privatization
Economic system that has no government involvement in business
Free Enterprise Economy
Market Economy
Pure Market Economy
Capitalist System
What sector are non-government owned businesses
Private Sector
