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The greater the amount of decision making that is left to the individual, the closer a system is to - what economic system?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
Does each economic system answer the three basic economic questions the same?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
What are the characteristics of a free market economic system?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
In a traditional economic system, how are jobs or careers determined?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
What is a traditional economy?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
Which economic system has a profit motive and competition?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
Why does every country have a type of economic system?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
What are the basic questions that every economic system must answer?
free market
freed market system
no
private ownership of property/resources
a country must have a way to determine how to use its limited productive resources
one that economic decisions are based on custom and historical precedent
people often perform the same type of work as their parents and grandparents
What will be produced, how will it be produced and for whom will it be produced
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