Key Terms Pg23 Flashcards
1
Q
Economic system
A
Method used by a society to produce and distribute goods and services
2
Q
Traditional economy
A
Relies on habit, custom, or ritual to answer basic questions
3
Q
Command economy
A
Central government makes all decisions on production and consumption of goods and services
4
Q
Market economy
A
Production and consumption of goods and services are based on voultary exchange
5
Q
Mixed economy
A
Combines elements of traditional, command, and market economies
