Economic Systems Challenge

Capitalism

an economic system where the factors of production are privately owned

Mixed Economy

This is a free enterprise system with some government involvement.

Oligopoly

This is a market where a few large suppliers control the supply of a product.

Communism

This is an economic system proposed by Karl Marx in which all means of production are owned by the proletariat, but are controlled by the government when practiced by countries such as the Soviet Union and China.

Socialism

This is an economic system where the government controls the major means of production but property and other businesses may be privately owned.

GDP Per Capita

This is one of the indicators of country's economic health, which takes the gross domestic product (GDP) and divides it by the number of people in the country.

Standard of Living

This is the term used to describe the general way in which people live, focusing primarily on things like average income, health care availability, life expectancy, educational attainment, etc.

Command Economy

economic system characterized by a central authority which makes major economic decisions

Privatization

the conversion of state owned property to private ownership

Gross Domestic Product

The total value of all the goods and services produced within a country in a given year

Laissez-Faire

French term which means "allow to do", the philosophy that government should stay out of the market

Resources

These are the general term for the factors of production used in the making of goods and services.