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7 Cards in this Set
- Front
- Back
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Economic System
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consists of all ways a nation uses limited resources to satisfy peoples wants and needs.
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Allocate
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dividing limited resources among hundreds of thousand of possible goods and services.
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Traditional economy
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Each generation lives the way earlier generations did. (tend to be stable economies.
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Command economies
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The government makes most of the decisions about production and distribution.
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Market economics
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Ordinary people decide how to produce goods and services with little or no government involvement
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What type of economy do all nations tend to have?
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A mixed economy
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continum
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a collection of points along a straight lilne.
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