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6 Cards in this Set
- Front
- Back
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Economic System |
A set of institutional arrangements and a coordinating mechanism to respond to the economizing problems of society |
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Command or Socialism or Communism |
Which is government centered and owns most property resources an economic decision making occurs through a central economic plan |
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Market System or Capitalism |
Characterized by a private ownership or capital and communicated through prices and coordinated economics activity through markets |
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Laissez-fair Capitalism |
The role of government is limited to protecting private property and establishing an environment appropriate to the operation of the market system |
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United States Capitalism |
Promotes economic stability and growth, but is not the dominant economic force |
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Freedom of Enterprise |
Ensures entrepreneurs and private businesses are free to obtain and use economic resources to produce their choice of goods and services and to sell them in their chosen markets |
