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Econ

TermDefinition
traditional economy based on a society's values, its customs and tradition.
command economy relies on government officials to answer three basic economic questions.
market economy individuals answer the basic quetion economic question
market free echange of goods and services
self-interest the impulse that encourages people to fulfill their needs and wants
incentive something that encourages you to behave in a particular way
mixed economy a combination of elements of tradional, market, and command economic models to answer basic question
authoritarian socialism an economic system which government owns or controls all factors of production
communism an economic system which gov't owns or controls all factors of production
capitalism individuals iwn the factors of production and answer the questions
democratric socialism the gov't owns some of the factors of production
Created by: aleelandero
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