CE.11B - Economic Systems

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Name the economic system described. Economic decisions are based on custom and historical precedent. • People often perform the same type of work as their parents and grandparents, regardless of ability or potential.

The key factor in determining the type of economy a country has is the extent of _______________ involvement.

In which economic system is the government least involved?

Name the type of economic system described. Individuals and businesses are owners and decision makers for the private sector. The government is owner and decision maker for the public sector. The government’s role is greater than in a free market.

Name the economic system described. Central ownership (usually by government) of property/resources, Centrally planned economy, Lack of consumer choice

Every country must develop an economic system to determine how to use its ____________ productive resources.

The greater the amount of decision making that is left to the _____________, the closer a system is to a free market system.

The greater the amount of decision making that is left to a/an ________________________, the closer the system is to a command system.