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Ch2S1

Vocabulary Flashcards

TermDefinition
economic system the way society used its scarce resources to satisfy the people's unlimited wants
traditional economy economic system where people make economic decisions based on their customs and beliefs that have been passed from previous generation
command economy economic system where government makes all economic decision
market economy economic system based on individual freedom of choice and voluntary exchange
Created by: shortbreadcookie
Popular Economics sets

 

 



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