The way in which a society's producttive assets are used amongst their alternative uses
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Market economy
Market forces are allowed to guide the allocation of resources within a society
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Centrally planned economy
Decisions on resource allocation are guided by the state
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Mixed economy
Resources are allocated partly through price signals and partly on the basis of direction by government
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Capitalism
A system of production in which there is private owenership of productive resources, and individuals are free to pursue their objectives with minimal interference from government
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Invisible hand
Term used by Adam Smith to describe the way in which resources are allocated in a market economy
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Other cards in this set
Card 2
Front
Market forces are allowed to guide the allocation of resources within a society
Back
Market economy
Card 3
Front
Decisions on resource allocation are guided by the state
Back
Card 4
Front
Resources are allocated partly through price signals and partly on the basis of direction by government
Back
Card 5
Front
A system of production in which there is private owenership of productive resources, and individuals are free to pursue their objectives with minimal interference from government
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