Economics Chapter 2: Section 1-2

Created by jrogers

Question or Hint Answer or Word

economic systems the way a society uses resources to satisfy its people's wants
tradional economy an economic system in which people produce and distribute goods according to the customs hannded down form generation to generation
command economy an economic system in which the government makes all economic decisions
market economy an economic system in which individuals choice and voluntary exchange direct econmic decisions
central pplanning economy a system in which central government officals make all economic decisions
socialism an economic system ins which the government owns some or all of the factors of production
communism an economic system in which the government owns all the factors of production and there is little or no political freedom