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Economic System Review

What does economic freedom mean?

Individuals have the right to choose

Individuals have the wrong option to make a choice

More than one producer of good/services insures choice

Private property

Competition

Voluntary exchange

Profit motive

individuals make decisions based on what is best for them

Profit motive

Economic freedom

Voluntary exchange

Self interest

Command Economy

The government answers the basic economic questions

Ex. Communist Countries (China, Vietnam, North Korea, former Soviet Union, Cuba)

Both a and b

able to act quickly in emergencies, provide for all people equally

Advantage

Disadvantage

Inefficient, no incentive to work hard or be creative

Advantage

Disadvantage

individuals are driven by a desire to profit make money

Self interest

Command economy

Profit motive

Individuals may freely buy and sell goods

Advantage

Disadvantage

Voluntary exchange

Non-voluntary exchange

Individuals have the right to own their property, including business

Voluntary exchange

Private property

What are some examples of Free Market Economy?

What are the four questions that you must consider for All economic Systems?

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