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5.02 Vocabulary

Vocabulary

QuestionAnswer
The organized way in which a country handles its economic decisions and solves its economic problems. Economic System
An economic system which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition. Traditional economic system
An economic system in which all or many of the means of production and distribution are used and controlled by government. Command Economic System
A command economic system in which the government controls the economic system does not allow private ownership of the means of production and distribution. Communism
A modified command economic system in which government owns the basic means of production and allows private ownership of business as well. Socialism
regarding investment production based market determined supply and demand prices of good are determined . Market economic system
An economic system in which individuals and groups rather than government and control the means of production human and capital goods and services. Private enterprise
Created by: AdrianIngram3690
 

 



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