Pricing | Private Ownership | Money | Laws | Location, Location, Location |
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What is traditional economic system?
In this economic system, goods are traded.
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What is a command economic system?
In this type of system, businesses are owned by the government.
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What is a traditional economic system?
In this system, goods are traded instead of money.
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What is the command economy?
This economic system is regulated and owned by the government.
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What is a command economy?
Cuba is an example of this economy.
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What is a command economic system?
In this economic system, price is determined by the government.
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What is a traditional economic system?
In this system, land is inherited.
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What is an economic incentive?
This is something that is offered to people to make a decision about goods and services.
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What is a market economy?
This type of system has no government regulations and rules are created by the people.
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What is capitalism?
America is an example of this system where the market determines which businesses are successful and make a profit.
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What is a market economic system?
In this system, supply and demand determine the price of a good.
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What is a free market economy?
In this system private ownership encourages everyone to care for what they own.
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What is a negative economic incentive?
A fine for returning a library book is an example of this.
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What is a market economy?
This economy creates a large imbalance of wealth between citizens.
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What is a command economy?
North Korea
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What is an economic incentive?
"Buy one, get one free" is an example.
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What is a traditional economy?
A few rural countries still have this economic system and rely heavily on farming and agriculture.
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What is a positive economic incentive?
A coupon is an example of this.
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What is a free market system?
This is an economy where the government places few restrictions on businesses.
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What is the household?
In the United States' economic system, this is the most important resource.
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What is a free market system?
or What is the American system?
The price of some goods is regulated in this type of system.
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What is capitalism?
In this economic system, businesses are owned by private companies or people.
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What is a free market system?
In this economy, banks are privately owned, but regulated by the government.
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What are command market economies/systems?
Most economies are a mixture of these two system.
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What is a bank?
This is an important part of the free enterprise system because it allows consumers to save and earn interest on their money.
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