4 terms

Principles Set 5

Traditional System
An economic system in which people do things the way they have always done them (according to habit, custom, or religious belief).
Mixed System
An economic system that is made up of parts of several other economic system.
Market System
An economy based on the division of labor which the prices of goods and services are determined in a free price system set by supply and demand.
Planned Economy
An economic system in which government controls and regulates production, distribution, prices, etc.