An economic system in which people do things the way they have always done them (according to habit, custom, or religious belief).

An economic system that is made up of parts of several other economic systems.

An economic system that is made up of parts of several A market economy is an economy based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand.

(also known as Centrally-Planned Economy or Command Economy) - An economic system in which the government controls and regulates production, distribution, prices, etc. planned economy

CHECK ALL THAT APPLY: An economic system heavily influenced by habits, customs, and religious beliefs

CHECK ALL THAT APPLY: Government directly influences and vastly controls business practices due to ownership of natural and capital resources

CHECK ALL THAT APPLY: Prices are influenced by supply and demand

CHECK ALL THAT APPLY: Considered synonymous with capitalistic economy

CHECK ALL THAT APPLY: Individual freedom is limited (roles of individuals are static from generation to generation)

All costs associated with business operations are called _________________

This is an amount added to the cost of a product to determine the selling price.

This allows customers to negotiate the price within a price range

These are distinct categories of prices based on differences in product quality and features

all customers pay the same price

includes the cost of parts and raw materials (or the price paid to a supplier for finished products), labor, transportation, insurance, and an amount for damaged, lost, or stolen products

the difference between the cost of the product and the selling price