Economics Chp 2 (1)

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  1. Traditional 
    (Type of Economic Systems)
    • Based on customs and beliefs and passed on from one generation to the next. 
    • -You follow in your father's footsteps
  2. Advantage of a Traditional System is that.......
    You know what you are expected to do when you grow up and learn from your father or mother
  3. Disadvantage of a Traditional System is...
    The strong attitude toward lack of change or development of new methods or technologies
  4. Command 
    (Type of Economic Systems)
    Based on little, if only, individual involvement in decision making with all economic decisions being made by the government and its leaders
  5. factors, production, to use them
    The government controls all _____ of _____ and how ____
  6. Advantage of a Command System is ....
    The mindset that the government is trusted ti meet all the needs of people
  7. Disadvantage of a Command System is....
    The lack of any incentive for people to do any more than they have to do. (North Korea)
  8. Market 
    (Type of Economic System)
    • Based on the freedom if individuals to own and manage factors of production as individuals or in groups
    • (partnerships and corporations)
  9. Capitalism
    Market economy is also known as
  10. Capitalism
    The use of the capital and the free enterprise system
  11. Mixed  economic system
    The US uses a __________ -
  12. Mixed economic system
    A blend of command and market
Card Set:
Economics Chp 2 (1)
2013-08-27 22:41:35
Economics OHS

1st 9 weeks
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