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16 Cards in this Set
- Front
- Back
- 3rd side (hint)
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True or false: No two countries have the exact same economic system |
True |
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Economic System |
The rules that a government uses for the buying, selling, and trading of goods and services in a country. |
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Communism |
An economic system in which a state owns all the property including businesses. |
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Communism Motto: |
"We are all in this together" |
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Capitalism |
An economic system also known as the free market system in which individuals make all of the economic decisions. |
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Capitalism Motto: |
"If there is a dollar someone will earn it" |
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Market |
A place where goods are bought, sold, and traded. |
The place one |
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Consumer |
This person runs a capitalist economy |
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State |
A nation's or that nation's government |
The nation one |
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State |
This group runs a communist economy. |
The group one |
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Market |
A real or virtual selling, trading, or purchasing location. |
Location one |
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Consumer |
An individual who buys and uses goods and services. |
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Import |
To bring goods into a country to be sold. |
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Export |
To send goods out of a country to be sold. |
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Imports |
These are welcome in a capitalist economy. |
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Poor economy |
Fewer resources and fewer exports. |
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