economies. Flashcards
1
Q
traditional.
A
an economic system in which people grown their own food and make their own goods.
2
Q
command.
A
an economic system in which the central government makes all economic decisions.
3
Q
devolved countries.
A
countries with strong economies and a high quality of life.
4
Q
market.
A
an economic system based on private ownership , free trade , and competition.
5
Q
GDP.
A
the value of all goods and services produced within a country in a single year.
