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Social Studies Test > Economies > Flashcards

Economies Flashcards

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1
Q

Define a traditional economy

A

Based on culture and rituals

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2
Q

Define a market economy

A

Consumer choices determined how industries and financial markets operate

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3
Q

Define a command economy

A

Relies on government to make all economic decisions

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4
Q

Define a mixed economy.

A

Limited government involvement while also applying free market concepts

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Social Studies Test (6 decks)

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