Economic Systems Vocabulary

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Items that can be seen and touched.

A system where individuals own and control all means of production

Seeking to give everyone their share of society's wealth.

A wants to make their own economic decisions without interference from the government. Their main economic goal is…

A system that relies on customs, history, and time-honored beliefs.

A minimum required quantity of a product.

A condition in which the goods and services people rely on are available when they want them.

A system where individuals can control production privately or by the government.