Economics Flashcards
1
Q
Market Economy
A
Individual decisions; based on trade and competition; free market (capitalism); lacks regulation and quality.
2
Q
Command Economy
A
Centrally planned; gov. makes decisions; no incentive.
3
Q
Mixed Economy
A
Combo of free market and limited gov. involvement; gov. for quality assuring and regulation.
4
Q
Traditional Economy
A
Based on culture and rituals; focused on community as a whole.
