Vocabulary Terms - Economic Systems

Command economy: An economic system in which all or many of the means of production and distribution are owned and controlled by the government Communism: A command economic system in which the government controls the economic system and does not allow private ownership of the means of production a...

Command economy: An economic system in which all or many of the means of production and distribution are owned and controlled by the government Communism: A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution Economic system: The organized way in which a country handles its economic decisions and solves its economic problems Economic vote: Term used to describe consumer approval of products expressed by the purchase of products Interdependent: Influencing or relying upon one another Market economy: An economic system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace Mixed economy: An economic system in which elements of market and socialist command economies are combined Socialism: A command economic system in which government owns some basic means of production and allows private ownership of business as well Traditional economy: An economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition