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Ch2
| Term | Definition |
|---|---|
| Traditional Economy | An economy in which production is based on customs and traditions |
| Command Economy | An economy in which a central government authority makes all basic economic decisions and controls the factors of production |
| Market Economy | An economy in which the government has little say in what, how, and for whom goods are produced and in which the factors of production are owned by individuals |
| Market | The free exchange of goods and services also called the market place |
| Self Interest | The impulse that encourages people to fulfill there needs and wants |
| Incentives | Something that encourages an action or effort.Expectation of rewards and fear of losses are both incentives |
| Mixed Economy | An economy that combines elements of the traditional, market, and command economic models |
| Authoritarian Socialism | An economic system in which the government owns or controls nearly all factors of production also known as communism |
| Communism | same as socialism |
| Capitalism | A market based economic system in which individuals own and control the factors of production |
| Democratic Socialism | An economic system in which the means of producing and distributing goods are owned or controlled by an elected government |
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dejagilberto
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