Economic Systems Flashcards Preview

Gr 9 Ems > Economic Systems > Flashcards

Flashcards in Economic Systems Deck (5):
1

What are the different economic systems

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

2

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

3

What is market economic systems

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

4

What is mixed economic systems

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

5

What is an economic system

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