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Section 1

Types of Economic System

TermDefinition
Tradition Economy based on society's values
Commmand Economy relies on gov't officials to answer the three basic economic questions
Market Economy individuals answer three basic economic questions
Market free exchange of gooods and services
Self-interest the impulse that encourages people to forfill their wants or needs
incentive something that encourages you to behave in a perticular way
Mixed Economy combines elemnts of traditional, market, and command economic models
Authorian Socialism an economic system in which the gov. owns or controls nearly all factors of production
Communism gov. owns or controls nearly all factors of production
Capitalism a market/based economic system in which individuals own and control the factors of production
Democratic Socialism economic system in which some means of producing and distributing goods are owned or controled by elected gov.
Created by: ayeyopaula
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