Economics - Mixed Economies - Chapter 2

traditional economy

• system in which economic activity is the result of ritual, habit, or custom
• conversion of state-owned property to individual ownership
• economic system in which a central authority makes the major economic decisions
• economic shift from private ownership to government ownership

command economy

• conversion of state-owned property to individual ownership

• system in which economic activity is the result of ritual, habit, or custom

• economic system in which a central authority makes the major economic decisions

capitalism

• economic system in which a central authority makes the major economic decisions

• economic sector in which goods and services are sold illegally

• conversion of state-owned property to individual ownership

• economic system in which private citizens own and use resources to make a profit

privatization

• economic sector in which goods and services are sold illegally

• economic shift from government ownership to private ownership

• economic shift from private ownership to government ownership

• conversion of state-owned property to individual ownership

nationalization

• system in which economic activity is the result of ritual, habit, or custom
• economic sector in which goods and services are sold illegally
• economic shift from private ownership to government ownership
• economic system in which a central authority makes the major economic decisions

Government owns most resources

• Command
• Market
• Traditional

Main activities are often fishing, hunting, or farming

• Command
• Market
• Traditonal

Prices and supply and demand lead to production decisions.

• Command
• Market
• Traditional

High level of individual freedom

• Command
• Market
• Traditional

Most likely to have a low standard of living

• Command
• Market
• Traditional