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