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PASS Chp. 2
Economic Systems
| Term | Definition |
|---|---|
| barter | a system of exchange in which one type of good or service is traded for another type of good or service without the use of money |
| capitalism | an economic system based upon private property and free enterprise |
| command economic system | an economic system in which the government decides what goods or services to produce, how to produce them, and for whom to produce them |
| command elements | the new terminology for command economic system |
| democracy | government by the people |
| economic elements | rules, rights, and practices that govern consumers and producers |
| gross domestic product (GDP) | the total value of goods and services produced in one year within the borders of a nation by whoever produces them |
| gross national product (GNP) | the total value of goods and services produced in one year by a nation’s residents no matter where they are located |
| market economic system | an economic system in which the types and costs of goods and services are determined by consumers and producers |
| mixed economic system | an economic system in which elements of all three economic systems (traditional, market, and command) are present |
| traditional economic system | an economic system in which goods and services are exchanged or bartered |
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