5.02 Word Scramble
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Term | Definition |
Economic system | organized way in which a country handles its economic decisions and solves its economic problems |
Traditional economic system | produce only what they must have in order to exist; all economic decisions are based on habit and traditions |
Command economic system | production and distribution are owned and controlled by the government |
Communism | controls and does not allow private ownership of the means of production and distribution |
Socialism | basic means of production and allows private ownership of businesses |
Market economic system | determined supply, demand and prices of goods and services, that are determined in a free price system |
Private enterpise | the means of production the human, natural resources and capital goods used to produce goods and serivices |
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Zakiawatkins
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