Econ
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| traditional economy | based on a society's values, its customs and tradition.
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| command economy | relies on government officials to answer three basic economic questions.
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| market economy | individuals answer the basic quetion economic question
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| market | free echange of goods and services
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| self-interest | the impulse that encourages people to fulfill their needs and wants
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| incentive | something that encourages you to behave in a particular way
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| mixed economy | a combination of elements of tradional, market, and command economic models to answer basic question
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| authoritarian socialism | an economic system which government owns or controls all factors of production
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| communism | an economic system which gov't owns or controls all factors of production
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| capitalism | individuals iwn the factors of production and answer the questions
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| democratric socialism | the gov't owns some of the factors of production
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