Economic Systems

4. an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
9. an economic system in which the government owns and controls the main industries, but private property is allowed.
11. economy Economic system is based on customs and traditions (handed down from 1 generation to another).
12. the desire of customers to buy or use something.

1. an economic and political system in which the government owns and controls all goods and means of production, and private property is eliminated.
2. a way of organizing an economy in which private individuals—and not the government—set prices and own resources and land.
3. the amount of something, especially goods or services, available to be used.
5. economy an economic system in which factors of production are publicly owned and the government dictates what is produced and how much.
6. economy an economic system in which some factors of production are publicly owned and some are privately owned.
7. a set production number or quantity of something which a government determines
8. system a society’s system of production, distribution and consumption of goods and services.
9. services government services provided for the benefit of the community, such as education, medical care, and housing.
10. of production the resources used to produce goods and services, for example a factory, farm or human labor
13. economy an economic system based on supply and demand in which there is competition between private individuals and businesses.