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Social Studies Final

Flashcards for Final

QuestionAnswer
What are the differences among traditional, command and market economies? Traditional- Society does things they way they have always been, it follows past traditions. Command - The government controls what goes on in the economy, society doesn't get a say in what happens in the economy. Market-
What is the best definition of a market? A Market economy is an economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
How do resources and wants create scarcity? People wants lead to more resources being used which leads to scarcity because they are using up all of our resources to fulfill their wants.
. In a capitalist economy, competition is allowed to prosper with a minimum interference from whom? Give 3 examples of a capitalist economy.
How have the writings of Adam Smith influence the economy of the United States?
Why does an entrepreneur need natural resources, labor, and capital?
Created by: mwaller209
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