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11b Terms
SOL CE.11b Vocabulary Terms
7
Economics
7th Grade
02/09/2015

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Term
Traditional Economy
Definition
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.
Term
Free Market Economy
Definition
Private ownership of property/resources, profit motive, competition, consumer sovereignty, individualchoice, minimal government involvement in the economy
Term
Command Economy
Definition
Central ownership (usually by government) of property/resources, Centrally-planned economy, Lack of consumer choice
Term
Mixed Economy
Definition
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
Term
Assemble
Definition
To put parts together
Term
Sector
Definition
A section or clearly defined part
Term
3 Basic Questions of Economics
Definition
What will be produced? Who will produce it? For whom will it be produced?
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