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___________________: consists of earnings after all expenses have been paid.
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
In this economy: Individuals and businesses are owners and decision makers for the private sector. Government is the decision maker for the public sector.
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
In this economy there is Central ownership (usually by government) of property/resources, Centrally-planned economy, Lack of consumer choice.
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
_______________: Consumers determine through purchases what goods and services will be produced.
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
In this economy economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
_________________: Individuals and businesses have the right to own real and personal property
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
The key factor in determining the type of economy a country has is the extent of _________ involvement.
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
This economy has all of the following, Private ownership of property/resources, Profit motive, Competition, Consumer sovereignty, Individual choice, Minimal government involvement.
Consumer sovereignty
Mixed economy
Command economy
Traditional economy
Free market economy
Government
Profit
Private property
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