Economic systems

Question 1

Main economic systems:

Answer 1

Socialism.
Communism.
Fascism.
Nazism.
Bureaucrat-ism.
Traditional capitalism.
Surrealism.
An american corporation.

Question 2

Three main types of economic systems:

Answer 2

Traditional.
Command.
Market.

Question 3

Traditional system:

Answer 3

Original, oldest and most common method. Custom is the way in which the economic decisions are made. Characterized by their pre-technological and non-industrialised nature and important role of agriculture.

Question 4

Command system:

Answer 4

Economic effort is devoted to goals passed down from a leader to a ruling class. Government decides what goods and services will be produced and what methods of production will be used.

Question 5

Market system:

Answer 5

Is an institution that brings together the buyers and sellers of goods and services. It is an interaction known as free market coordination.

Question 6

Mixed system:

Answer 6

Combine elements of command, market and traditional systems.

Question 7

Property rights:

Answer 7

Distinguishing feature is their differing approach to property rights. Property refers to tangible assets.

Question 8

Full ownership is broken down into three basic rights:

Answer 8

Dispose of property (sell).
Use the property as the owner desires.
Receive the income generated by the property.

Question 9

Partial ownership:

Answer 9

When only one or two of the property rights are owned.