Economic Systems Review

These flashcards cover key concepts related to economic systems, including command, market, and traditional economies, based on notes provided in the lecture.

Command Economy

An economic system where the government makes all economic decisions, including wages.

Market Economy

An economic system where individuals can own businesses and keep their earnings.

Traditional Economy

An economic system where customs and traditions dictate economic decisions.

Market Economy

Characterized by most resources owned by private individuals.

Traditional Economy

An economic system where an individual's social class at birth influences their economic status.

Command Economy

An economic system where the government controls workers' hours and activities.

Traditional Economy

An economic system where decisions are made based on historical customs.

Command Economy

An economic system where central committees set prices for goods and services.

Traditional Economy

An economic system where jobs are determined by ancestral practices.

Market Economy

An economic system where high prices can lead to increased production to meet demand.

Command Economy

A historical event in which the government took control of private farms and mandated communal farming.

Traditional Economy

An economic system where skills and trades are passed down through generations.

Command Economy

The system with the most government influence.

Traditional Economy

The economic system characterized by the least amount of change.

Market Economy

The economic system that allows for the most individual freedom.