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Chapter 22 Other Economic Systems

socialismeconomic system in which the government owns major industries but allows private ownership
mixed economyeconomy that combines some parts of other economics systems
gross national producttotal value of all the final goods and services produced by an economy over a year
command economyeconomy in which a central authority decides what workers will do and what goods and services they will produce
communismeconomic system in which the government makes decisions concerning te commonly-owned resources
standard of livinga measure of how well the people in an economic system live
capitalismeconomic system in which basic economic decisions are based onthe actions of individual people and business firms
traditional economyeconomy in which people do things the way they have always been done, with little or no change

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