Guided Reading Activity 2-1 "Economic Systems"
Government leaders control the factors of production and make all economic decisions in a _7_.
Command Economy
After deciding what to produce, a nation's _3_ determines how the goods and services will be distributed among its people.
Economic system
A nation must determine what _2_ to produce and how to produce them.
Goods and Services
In contrast, individuals in a _8_ economy, controls economic decisions.
Market
The last type of element of economic system combines the basic elements of the command and market economy. In a _12_ private ownership of property and individual decision making are combined with government intervention and regulation.
Mixed Economy
In the United states, most goods and services are distributed through a _4_.
Price System
An economic system is a way of determining how to use _1_ to satisfy people's wants and needs.
Resources
The amount of involvement a society's leaders have in allocating scarce _5_ helps determine its economic system.
Resources
Under this system, the economy is based on information obtained from the _9_, where the voluntary exchanged of _10_ takes place.
Resources, Goods and Services
In some parts of the world, a _6_, which is based on customs and beliefs, exists.
Traditional economy