10-19 Prequiz Flashcards
1
Q
Economic system
A
Organized way in which a society provides for the wants and needs of its people
2
Q
Traditional economy
A
Use of scarce resources and nearly all other economic activity stems from ritual, habit, custom
3
Q
Command economy
A
Central authority makes the major decisions about what,how,and whom to produce
4
Q
Market economy
A
Which supply, demand, and the price system help people make economic decisions- people make decisions in their own best interest
5
Q
Capitalism
A
Economic system where private citizens own the factors of production
6
Q
Socialism
A
Political and economic system in which the government owns and controls some factors of production
