Types of Economic System (Junior Cert Business Studies): Flashcards

Method to organise & distribute scarce resources to meet needs & wants

Free, controlled, mixed economy

Individuals & businesses free to produce with minimal govt interference

Supply and demand

Entrepreneurship, innovation, consumer choice

Income inequality & lack of regulation

United States

Govt total control over production & distribution

Government owns all businesses

Limited choice, lack of innovation

Cuba and North Korea

Combines free enterprise & govt control

Higher taxes to fund govt services

Essential services protected, private business allowed

Mixed economy