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Econ Ch. 2

Traditional Economic System answers the four basic questions according to tradition, economic decisions are based on customs, beliefs(often religious)-Asia, Middle East, Africa, Latin America
Command Economic System the individual has little, if any, influence over how basic questions are answered, gov controls factors of production and makes all decisions about use
Mixed Economy contains characteristics of a command and a pure market economy
Capitalism economic system in which private individuals own the factors of production and decide how to use them within the limits of the law
Private Property what is owned by individuals or groups
Profit the money left after all the costs have been paid
Competition rivalry among producers or sellers of similar goods to win more business by offering the lowest prices or better quality
Economic Growth expansion of the economy to produce more goods, jobs, and wealth
Equity amount of money invested in a property minus the debt, such as the mortgage payments that are still owed
Standard of living material well-being of a person or group, or nation measured by average value of goods and services used by citizens during a certain period of time
Created by: clairebear5372