Module 5, Lesson 2 Flashcards
type of economy that has work based on long established customs (hunting, fishing, farming)
Traditional Economy
type of economy the government controls
Command Economy
type of economy based on private ownership, free trade, and competition
Market Economy
This economy combines elements of traditional, market and command economic systems. (ex: Russia)
Mixed Economy
type of economy where the government owns all the factors of production. No private ownership of property or resources. Little or no political freedom.
Communist Economy
type of economy where individuals and businesses own the factors of production. Consumers buy and sell what they like best. (ex: USA, Canada and Taiwan)
Capitalist Economies
type of economy that falls in between communism and capitalism. The Government controls some of the basis factors of production.
Socialist Economies
Why did Communism fall?
Poor planning
What is another name for US Capitalism?
Free Enterprise System
in this system, Americans enjoy a number of freedoms, including ability to make a profit and requiring people to act morally
Free Enterprise System
the goods and services that the public consumes (or uses)
Public Goods
Because of the __________ we can travel highways, have a system of money, trash is collected, health and safety laws are followed, have public libraries, bridges, airports, roads and much more.
Government
type of industry where primary activities focus on growing crops and raising livestock.
Agricultural Industries
type of industry where people and businesses manufacture or make finished products from raw materials.
Manufacturing industries
type of industry where businesses sell to businesses
Wholesale industries
