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Social Studies > Economy Terms > Flashcards

Economy Terms Flashcards

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1
Q

market economy

A

consumer choices determine how industries and financial markets operate

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2
Q

traditional economy

A

based on culture and rituals, and is focused on the community as a whole

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3
Q

command economy

A

relies on government to make all economic desicions

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4
Q

mixed economy

A

limited government involvement while also applying free market concepts

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