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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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