economies! Flashcards
1
Q
3 types of economies
A
market, mixed, command
2
Q
what is capitalism
A
when one makes profit off an initial investment, reinvests that, to grow economy
3
Q
disadvantages of command economy
A
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4
Q
pros of market economies
A
- system makes highest overall profit
- profit incestitives, entreprenuership, innovation, sense of ownership high
5
Q
cons of market economy
A
- losers in society- societal problems
- no guaranteed $ will be spread out
- Labor rights up to business owners
- minimal government programs, services, regulations, etc.
6
Q
A
