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2.03A
key terms
Term | Definition |
---|---|
Command Economy | An economic system in which all or many of the means of production & distribution are owned & controlled by the government |
Communism | A command economic system in which the government controls the economic system & does not allow private ownership of the means of production & distribution |
Economic System | The organized way in which a country handles it's economic decisions & solves it's economic problems |
Market Economy | An economic system in which the questions of what, how, & for whom good will be produced are answered by individuals & businesses in the marketplace |
Socialism | A modified command economic system in which government owns the basic means of production & allows private ownership of businesses as well |
Traditional Economy | An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit & tradition |