4 terms
Mixed economy
an economy in which there is a blend of economic systems; individuals and the government share in the decision-making process
Mixed Economy
an economy in which there is a blend of economic systems; individuals and the government share in the decision-making process
Market Economy
a system in which individuals and private business own and control production (also called capitalism)
Command Economy
an economic in which government leaders give the answers to the three economic questions
Traditional Economy
an economy that does things as they were done in the past; custom and tradition determine answers to the three economic questions