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Economies
Question | Answer |
---|---|
No government involvement in economic decisions. | pure market economy |
Habits, traditions, and rituals answer the basic economic questions of what, how, and for whom | Traditional economy |
The government makes economic decisions including having a central committee decide what items will be produced. | Command Economy |
The government decides the education and jobs of their people. | Communist economy |
An economy in which the decisions about how and what to produce are decided by businesses and businesses determine whether they survive or fail. | market economy |
A political and economic philosophy characterized by marketplace competition and private ownership of businesses. | Capitalism |