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5.02 vocab

TermDefinition
Economic System Risks that result from changes in business conditions
Traditional Economic System economic system in which all or many of the means of production and distribution
Command Economic System Economic system in which the government controls the economic system and does not allow private ownership
Socialism A modified command economic system in which government owns the basic means of production
Market Economic system Decisions and the pricing of goods and services are guided solely by the aggregate interactions
private enterprise an economic system in which indivuals and groups rather than government own or control
communism a system of social organization in which all economic and social activity is controlled
Created by: quatajiabattle
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