Unit 6 Flashcards

1
Q

What is a command or centrally planned economy?

A

A command or centrally planned economy is an economic system where government, through a planning process allocates resources in society.

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2
Q

What is an economic system?

A

An economic system is a complex network of individuals, organisations and institutions and their social and legal interrelationship which allocates resources.

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3
Q

What is a free market economy, or capitalist/market/free enterprise economy?

A

A free market economy is an economic system which resolves the basic economic problems mainly through the market system.

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4
Q

What is a mixed economy?

A

A mixed economy is where both the free market mechanism and the government planning process allocate significant proportions of total resources.

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