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Definition
| Rely on habit, custom, or ritual to decide the 3 questions. |
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Definition
| Example of a traditional economy. |
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Term
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Definition
| The 3 questions are answered by individuals. |
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Definition
| Example of a market economy. |
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Term
| The individuals of a market economy. |
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Definition
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Definition
| Market based with limited government involvement |
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Term
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Definition
| The central government answers the 3 questions. |
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Definition
| Example of a command economy. |
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Term
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Definition
| Arrangement that allows buyers and sellers to exchange things. |
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Term
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Definition
| Concentration of production efforts of individuals and firms on a limited number of activity. |
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Term
| no one is self-sufficient |
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Definition
| We need markets because.. |
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Term
| Individuals and privately owned businesses |
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Definition
| They own factors of production. |
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Term
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Definition
| Organizations that uses resources to produce a product |
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Term
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Definition
| Financial gain made in a transaction. |
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Term
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Definition
| Scottish social philosopher |
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Term
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Definition
| Name of Adam Smith's book. |
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Term
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Definition
| All economic and political power- the government |
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Term
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Definition
| classic example of communism |
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Term
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Definition
| overthrown leader of USSR |
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Term
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Definition
| took over and led the USSR |
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Term
| no incentive,no innovation,no entreprenueral spirit |
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Definition
| gaurenteed employment and income |
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Term
| Short ages common,poor quality,little variety,slow to adapt |
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Definition
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Term
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Definition
| Example of centrally planned economy |
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Term
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Definition
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Term
| to keep order, provide vital services, and promote general welfare |
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Definition
| why do we have a freek market.. |
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Term
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Definition
| what regulates the economy. |
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