Economic Systems Flashcards
1
Q
Market Economy
A
decisions are made by individuals
2
Q
Command Economy
A
also called Centrally Planned economy
3
Q
Mixed Economy
A
combination of free market, and limited government involvement
4
Q
Efficiency
A
accomplishing something with least waste of time and effort
5
Q
Quality
A
degree of excellence in something
6
Q
Incentive
A
a thing that motivates you to do something
7
Q
Command
A
relies on the government to make all the economic decisions
8
Q
Market
A
driven by consumers, whose determines how the industries and financial markets will operate
9
Q
Mixed
A
limits the government, applies free market cocepts
10
Q
traditional economy
A
based on culture and rituals, and is focused on the community
