| A | B |
|---|
| answers to basic economic questons are made by central authority | command system |
| often described as communist | strong command system |
| people do things the way they have always done them | traditional system |
| bought out Swiss firm | Charles Wang |
| worked for Manhattan law firm | Anthony Wang |
| described as socialist | moderate command system |
| based on the actions off people and busienss firms participating in many different markets | market system |
| the maount of money given or asked for when goods or services arebought or sold | price |
| the direct exchange of goods or services without money | barter |
| all economic systems more accurately are referred to as this type of system | mixed system |
| measure of how well the people in an economic system live | standard of living |
| everyone has a role | advantage of traditional system |
| it can make a dramatic hange in a short time | advantage of strong command economy |
| workers are taxed at an extremely high rage | disadvantage of moderate command system |
| rewards only those who are productive | disadvantage of market system |
