Economic systems

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4 Terms

1
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What three questions must every economy answer?

What to produce, how to produce and for whom to produce

2
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What is a market capitalist economy?

Individuals and businesses own resources and make production decisions, usually to earn profit

3
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What is a mixed market economy?

Private businesses operate alongside government involvement and regulation

4
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What is a planned socialist economy?

The government owns or controls most resources and makes major production decisions