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Flashcards in Economic Systems Deck (5):

What are the different economic systems

-planned economic systems
-market economic systems
-mixed economic systems


What is planned economic systems

-Government makes all decisions regarding the production
-enterprises and resources owned and controlled by government
- under full control of government


What is market economic systems

-factors of production belong to individuals
- government is not actively involved
-differences between rich and poor people


What is mixed economic systems

Some services are provided by government while some enterprise are owned by the state or private
Tax rates are usually high


What is an economic system

The way in which a government runs the economy and distributes resources among the government, business enterprises and households