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Comparing Economic Systems
Advantages/ Disadvantages of Economic Systems
21
Economics
11th Grade
02/04/2013

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Term
Traditional
Definition
Sets forth economic roles for all members of the community
Term
Traditional
Definition
Stable, predictable, and continuous life
Term
Traditional
Definition
Discourages new ideas and new ways of doing things
Term
Traditional
Definition
Stagflation and lack of progress
Term
Traditional
Definition
Lower standard of living
Term
Command
Definition
Capable of dramatic change in a short time
Term
Command
Definition
Many basic education, health, and other public services available at little or no cost
Term
Command
Definition
Does not meet wants and needs of consumers
Term
Command
Definition
Lacks effective incentives to get people to work
Term
Command
Definition
Requires large bureaucracy, which consumes resources
Term
Command
Definition
Has little flexibility to deal with day-to-day changes
Term
Command
Definition
Lacks room for individual initiative
Term
Market
Definition
Individual freedom for everyone
Term
Market
Definition
Able to adjust to change gradually
Term
Market
Definition
Lack of government interference
Term
Market
Definition
Decentralized decision making
Term
Market
Definition
Incredible variety of goods and services
Term
Market
Definition
High degree of consumer satisfaction
Term
Market
Definition
Rewards only productive resources;does not provide for people too young, too old, or too sick to work
Term
Market
Definition
Does not produce enough public goods such as defense, universal education, or health care
Term
Market
Definition
Workers and businesses face uncertainly as a result of competition and change
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