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8 Cards in this Set
- Front
- Back
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An economy that answers the 3 basic economic questions by customs and ritual
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Traditional economy
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An economy that answers the 3 basic economic questions by having the government make the decisions
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centrally planned or command economy
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An economy that answers the 3 basic economic questions by firms and consumers making the decisions by buying and selling goods and services
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Free Market or Capitalism
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laws that help people who need it.
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safety net
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define factor payment
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money received for supply the factors of production
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define economic system
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the method society uses to provide goods and services
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define standard of living
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the degree of wealth and material comfort available to a person or community which is increased by through innovation
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How does a society use the 7 economic goals?
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each society uses its unique goals to determine to answer the 3 basic economic questions
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