Economic systems
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Economic system | the method used by a society to produce and distribute goods and services
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| Factor payments | the income people receive for supplying factors of production, such as land, labor, or capital
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| Patriotism | the love of one's country; the passion that inspires a person to serve his or her country
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| Safety net | government programs that protect people experiencing unfavorable economic conditions
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| Standard of living | level of economic prosperity
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| Traditional economy | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
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| Market economy | economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
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| Centrally planned economy | economic system in which the central government makes all decisions on the production and consumption of goods and services
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| Command economy | Economic system in which a central authority is in command of the economy; a centrally planned economy
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| Mixed economy | Market based economic system with limited government involvement
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Created by:
acoronado
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