The Three Major Types of Economic Systems Are ______

question 88

Multiple Choice

The three major types of economic systems are ______.

• A) capitalism, planned economies, and mixed economies
• B) capitalism, pure competition, and planned economies
• C) capitalism, monopoly, and mixed economies
• D) capitalism, oligopoly, and planned economies

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Definitions:

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive, usually represented graphically as the area above the supply curve and below the market price.

Consumer Surplus

The differential between the amount envisioned by consumers to pay for a good or service and the actual amount paid.

Perfectly Competitive

A market structure characterized by many buyers and sellers, free entry and exit, and a homogeneous product.

Consumer Surplus

The distinction between the ideal payment by consumers for a product or service and the financial outlay they make.