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Economics chapter 2
McConnell
4
Economics
12th Grade
09/24/2010
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Term
economic system
 Definition
a particular set of institutional arrangements and a coordinating mechanism--to respond to the economizing problem.
Term
command system
 Definition

a.k.a: socialism or communism

government owns most property resources and economic decision making occurs through a central economic plan.

government decides what is made and creates production goals
Term
market system
 Definition

Opposite to the command system

aka: capitalism

an economic system in which individuals, not the government control the production and distribution of goods and services; also called capitalism
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