ECONOMIC
SYSTEMSCapitalism,
communism, socialism
questions & answers
where products are made - factories, mines, mills, etc. - answer
Production
how the products get from point A to point B, trains, trucks, ships,
etc. - answer Distribution
where products are bought and sold - home depot, kohls, giant
eagle, etc. - answer Exchange
where the consumers will determine what is made and the price it
will sell for. - answer Market economy
when there is a limited quantity of a product. Will influence the
price of the product. - answer Scarcity
where the government will determine what is produced and what
the price will be. - answer Command economy/centrally planned
economy
literal translation is "hands off". Government keeps its hands off
the economy. - answer Laissez-faire
SYSTEMSCapitalism,
communism, socialism
questions & answers
where products are made - factories, mines, mills, etc. - answer
Production
how the products get from point A to point B, trains, trucks, ships,
etc. - answer Distribution
where products are bought and sold - home depot, kohls, giant
eagle, etc. - answer Exchange
where the consumers will determine what is made and the price it
will sell for. - answer Market economy
when there is a limited quantity of a product. Will influence the
price of the product. - answer Scarcity
where the government will determine what is produced and what
the price will be. - answer Command economy/centrally planned
economy
literal translation is "hands off". Government keeps its hands off
the economy. - answer Laissez-faire
