economics chapter 2 Flashcards
1
Q
traditional economic system
A
trading goods for goods or labor
2
Q
developing nations have
A
traditional economies
3
Q
socialist political systems use
A
mixed economies
4
Q
democratic political systems
A
market economies
5
Q
communist political systems
A
command economies
6
Q
market economies
A
allow free interaction of buyers and sellers
7
Q
command economy
A
govt regulates economic decisions. decisions made through exchange between buyers and sellers
