Econ Chapter 2 Economic Systems

economic system that has some combina-tion of traditional, command, and market economies; also see modified free enterprise economy

• Modified private enterprise economy

• Mixed economy

• Profit

• Private Property

• Voluntary exchange

fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property

• Modified private enterprise economy

• Mixed economy

• Profit

• Private Property

• Voluntary exchange

act of buyers and sellers freely and willingly engaging in market transactions; characteristic of capitalism and free enterprise

• Modified private enterprise economy

• Mixed economy

• Profit

• Private Property

• Voluntary exchange

organized way a society provides for the wants and needs of its people-

• Economic System

• Traditional Economy

• Command Economy

• Market Economy

• Inflation

economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom

• Economic System

• Traditional Economy

• Command Economy

• Market Economy

• Inflation

economic system characterized by a central authority that makes most of the major economic decisions

• Economic System

• Traditional Economy

• Command Economy

• Market Economy

• Inflation

economic system in which supply, demand, and the price system help people make decisions and allo-cate resources; same as free enterprise economy

• Economic System

• Traditional Economy

• Command Economy

• Market Economy

• Inflation

As a consumer, vote with your

• Dollars

• internet searches

• Ads you watch

United States

Japan

South Korea,

Are examples of

• Market Economy

• Traditional Economy

• Command Economy

• Social Society

Moana's village would be an example of a ___________ economy.

• Traditional

• Planned/command

• Mixed

• Free-market