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| Economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents, regardless of ability or potential. |
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| Private ownership of property/resources, profit motive, competition, consumer sovereignty, individualchoice, minimal government involvement in the economy |
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| Central ownership (usually by government) of property/resources, Centrally-planned economy, Lack of consumer choice |
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| Individuals and businesses are owners and decision makers for the private sector, Government is owner and decision maker of public sector, Government's role is greater than in a free market economy and less than in a command economy |
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| A section or clearly defined part |
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| 3 Basic Questions of Economics |
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Definition
| What will be produced? Who will produce it? For whom will it be produced? |
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