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Economic Systems

Groups:
Mixed, Market, Command, Traditional,

Words:
tradition and customs govern economic decisions, Economics activities centered around family, Resources are allocated based on inheritance, Farming, hunting, and gathering are done, Choices are determined by environment, Little or no use of technology, Government or central authority makes decisions, Individuals have little influence over economy, multiple choice questions Resources are owned by the government, There is no competition; provide goods %26 services, Consumers have very few choices if any , Government sets prices of goods and services, Economic decisions made by individuals competing, Gov%27t serves to protect both producers and consumers, Profit is the motive for increasing work, teaching Competition determines price and quality of products, Individual freedom is considered very important, Also called a %22capitalist%22 economy, school Combines elements of market and command, educational games Government and individuals share economic decisions, Resources are owned by individuals, teaching Individual roles are clearly defined, Distributes even wealth among all of society, Greatest variety of goods and services, Infringes on personal freedom, Doesn%27t allow for growth and development , The U.S. is this type of economic system,