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economic system
| Term | Definition |
|---|---|
| Traditional Economy | Is based on a societys value. |
| Command Economy | Relies in government officials to answer the three basic economic questions. |
| Market Economy | Individuals answer the three basic economic questions. |
| Market | Free exchange of goods and serveces. |
| Self Interests | The impulse that incurages people to fulfill their needs and wants. |
| Insentive | Something that incurages you to behave in a particular way. |
| Mixed economy | combines elements of traditional, market,and command econnomic models to answer the three basic economic questions |
| authoritarian socialism | mixed economies that are closest to the pure command model (communism) |
| capitalism | individuals own the factors of production and answer the basic economic questions |
| democratic soacialism | the goverment owns some of the factors of production |
| free enterprise | a system under which business can conducted freely with little goverment intervention |
| private property | goods that are own by individuals and business, rather than by the goverment |
| contracts | an agreement with one another to buy and sell goods and services |
| compitition | the economic rivery that exists between business selling the same or similar products |
| voluntary exchange | when producers and consumers unconditionay purchase and sell products, and they beleive that the opportunity costs of such a trade are acceptible to both parties |
Created by:
JonnyRockets
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