Chapter 17 Review - Chapter 17 Review 1 three basic...

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Chapter 17 Review 1. three basic economic systems in the world: traditional, command, and market economies 2.traditional economy, economic decisions are based on how economic activity has been carried out in the past 3.command economy- the government makes all economic decisions and owns or controls all capital, tools, and production equipment economy- one in which economic decisions are made by people looking out for their own best interests (United States) 5.Free Market- the right to buy and sell goods as you want 6.Profit- money a business has left after it has paid its expenses 7.Scarcity- occurs when there are not enough resources to meet people’s wants 8.Free enterprise- business owners may operate however they see fit, with little direction or interference by government 9.Capitalism- an economic system in which the productive resources—farms, factories, machines, and so on—are owned by private citizens 10. Monopoly- is the only company selling a
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product because they face no competition 11.
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