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An economic system that follows what was done in the past.
Traditional
An economic system that allow businesses to make all decisions without government interference.
Market
An economic system that has free enterprise but is regulated by the government.
Mixed
An economic system that is fully controlled by the government.
Command
An economic system that does not guarantee everyone a job or even their basic needs to be met.
Command
This economic system provides Social Security and Medicare to its citizens.
Mixed
Buyers and sellers make economic decisions in this economic system.
Market or Mixed
People are encouraged to create new ideas and businesses in this economic system.
Market or Mixed
Large numbers of people are involved in decision-making in this economic system.
Market or Mixed
Land, tools and factories are privately owned in this economic system.
Market or mixed
Individuals may decide what kind of work they do in this economic system.
Market or mixed
Workers can bargain for higher wages in this economic system.
Market or mixed
Consumers may buy or not buy goods and services in this economic system
Market or mixed
Individuals have little choice in the work they do in this economic system.
Command
The study of economics mainly focuses on
choices
What is the main reason that determines our economic choices?
scarcity
