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In a traditional economic system, how are jobs or careers determined?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
What are the basic questions that every economic system must answer?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
What are the characteristics of a free market economic system?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
The greater the amount of decision making that is left to a centralized authority , the close the system is to a - what kind of economic system?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
Does each economic system answer the three basic economic questions the same?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
The greater the amount of decision making that is left to the individual, the closer a system is to - what economic system?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
What is the key factor in determining the type of economy a country has?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
Which economic system has a profit motive and competition?
people often perform the same type of work as their parents and grandparents
freed market system
no
private ownership of property/resources
free market
What will be produced, how will it be produced and for whom will it be produced
the production and consumption of goods and services
command economy
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