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5 Cards in this Set
- Front
- Back
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To determine what type of economy a country has, one must ask... |
What is the role of the market What is the role if the government Who own the resources |
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What are characteristics a market economy? |
Private ownership of resources. Market allocation of resources. Limited government intervention, e.g. Laws. E.g. USA. |
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What are characteristics of a mixed market economy? |
Private ownership of resources. Market allocation of resources. Substantial government intervention, e.g. Taxes E.g. Australia. |
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What is a planned economy? |
Government ownership of resources. Limited role of the market. Government planning of resource allocation. E.g. North Korea. |
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What are some details about the market economy? |
It is also known as a capitalist, free enterprise or Laissez Faire (let things be) economy. All major decisions are made by individual an derogate firms, motivated by self-interest without government intervention. Consumer sovereignty is the driving force of the government. Competition is high. |
