Economic Systems
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| 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
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| capitalism | an economic system based upon private
property and free enterprise
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| 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
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| command elements | the new terminology for command
economic system
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| democracy | government by the people
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| economic elements | rules, rights, and practices that govern
consumers and producers
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| 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
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| 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
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| market economic system | an economic system in which the types
and costs of goods and services are
determined by consumers and
producers
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| mixed economic system | an economic system in which elements
of all three economic systems
(traditional, market, and command) are
present
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| traditional economic system | an economic system in which goods and
services are exchanged or bartered
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