Name That Economic System
An economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed
command
An economic system in which the political authorities make major decisions regarding the production and distribution of goods and services
command
Government planning groups make the basic economic decisions such as which goods and services to produce, prices, and wage rates.
command
The government owns the means of production
command
An economic system based on individual choices and voluntary trade
market
An economic system in which societies economic decisions are made by individuals who decide what to produce, and what to buy
market
An economic system that permits an open exchange of goods and services between producers and consumers
market
An economy in which changes in prices guide what and how goods and services will be produced, distributed, and consumed.
market
Sometimes called Free Enterprise which allows for private ownership of businesses and property
market
An economic system in which decisions are all made on the basis of customs, beliefs, religion, and habits
traditional
An economic system in which social roles and culture determine how goods are made, sold, and bought
traditional
An economy in which most of the economic decisions that are made are based on custom and on the habit of how such decisions were made in the past.
traditional
Economies in which people usually produce just what they need to survive
traditional
The customs and habits of the past are used to decide what and how goods will be, distributed, and consumed. Within this system, each member of society knows in early life what her or his role will be because jobs are handed down from generation to generation.
traditional
