The economic systems
What are the main types of economic systems?
Capitalism, socialism, and communism
Which economic system relies on supply and demand with minimal government intervention?
Capitalism
In which economic system does the government own and control major industries?
Socialism
What is a key characteristic of communism?
Classless society
Which economic system encourages competition among private businesses?
Capitalism
What is one disadvantage of a free market economy?
Economic inequality
In a mixed economy, who controls the means of production?
Both private individuals and the government
What is the primary goal of socialism?
Reduce economic inequalities
Which is a feature of a traditional economic system?
Based on customs and traditions
Which statement describes a command economy?
The government makes all economic decisions