SET 1: Economic Systems
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Intro to Economics
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10 Terms
What is the fundamental economic problem?
Satisfying unlimited wants with limited resources
In a free market, what determines what is produced?
Consumer preferences and demand
Who decides production methods in a free market?
Producers seeking profit.
What determines who receives goods in a free market?
Prices set by producers.
What determines production in a mixed economy?
Consumer preferences + government decisions.
Who decides production methods in a mixed economy?
Producers, with government influence.
What determines distribution in a mixed economy?
Prices + government preferences
Who decides what is produced in a command economy?
The government.
Who sets production methods in a command economy?
The government.
Who controls distribution in a command economy?
The government.