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10 Cards in this Set
- Front
- Back
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Section 1 |
P. 38 |
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Economic system |
The way a society uses its scarce resources to satisfy its people's unlimited wants |
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Traditional economy |
An economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation |
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Command economy |
The government decides what goods and services will be produced, how they will be produced, and how they will be distributed |
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Market economy |
An economic system based on individual choice, not government directives |
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Section 2 |
P. 42 |
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Centrally planned economy |
A system in which the society's leaders, usually members of the central government, make all economic decisions |
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Socialism |
An economic system in which the government owns some or all of the factors of production, developed from the ideas of Marx. |
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Communism |
A more extreme form of socialism in which there is no private ownership of property and little or no political freedom |
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Authoritarian |
A system that requires absolute obedience to authority |
