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5 Cards in this Set
- Front
- Back
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economics |
study of how resourdces are distributed for the production of goods and services within a social system. |
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economic systems 1 |
communism: society in which the people own all the nation's resources. central gov. determines what goods and services satisfy citizens needs. |
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economic systems 2 |
socialism: system in which the government owns and operates basic industries. but individuals own most businesses. |
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economic systems 3 |
capitalism: or free enterprise. a system which individiuals own and operate the majority of businesses that provide goods and services. supply and demand determine what goods/services are available. |
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free enterprise system |
individuals can own property individuals/businesses can make profit individuals/businesses control business individuals can choose what career to pursue |
