| A | B |
|---|
| economic systems | The way in which a nation or society uses its resources to meet its people's needs and wants. |
| market system | System in which the economic questions are answered by the buyers and sellers. |
| traditional system | System in which the economic questions are answered by tradition, religion, custom, habit, and law. |
| command system | System in which the economic questions are answered by the government or the central planners. |
| mixed system | System that combines characteristics of the traditional, market, and command economic systems. |
| three basic economic questions | What should be produced? How should the goods be produced? and For whom should the goods be produced? |
| location of traditional economies | Limited areas of Asia, the Middle East, Africa, and Latin America |
| Location of command economies | North Korea and parts of the People's Republic of China |
| Location of market economy | United States of America |
