2.5: Different economic systems
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Last updated 1:49 PM on 6/9/25
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4 Terms
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market economy
individuals are allowed to make their own economic decisions
governments play minor role
provide legal framework
aka free market economy
2
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planned economic systems
governments play a dominant role
decide which goods are produced and services offered
decide prices of goods and services
control resources and means of production
people have limited choice of which job and products to buy
3
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social market economy
government plays a more important role by influencing economy to higher extent
supports poor, protects environment
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Flashcards (30)