VOCABULARY
WHAT IS
An economic model used
by governments to
determine what should be
produced/provided in
terms of goods and
services, how, and for
whom
What is Economic system
Communism is another word for command economy
True
What is
An economy where
private citizens own
businesses, and there is
little govt. involvement.
Market Economy
Entrepeneur's are
When a person takes a risk to
start a business.
True
What is
A mix of
command and
market
economies.
Mixed Economy
The Physical Trade
Barrier is A limit on the amount of
imports allowed from
other countries
FALSE
What is
An economy
where people use
the same work
methods and
tools generation
after generation
Traditional
Economy
What is an economy where the
government owns the
controls the economy and
owns all the businesses
and land.
Command Economy