Unit 10 Key Words Flashcards
0
Q
Define
Economic system
A
The way a society sets aside resources for exchange, production, consumption, and distribution
1
Q
Define
Economy
A
The study of how the needs and some of the wants are met through scarce resources
2
Q
Define
Traditional economy
A
an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates.
Time- present
Place- alaska
Manner- Inuit tribes
3
Q
Define
Command economy
A
Production, income, prices, and investments and determined by the government
4
Q
Define
Market Economy
A
an economy in which decisions regarding investment, production and distribution are based on supply and demand, and prices of goods and services are determined in a free price system.
