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Categories:: 6.1.6. Economic Systems
Statements:
A. Describe and identify the characteristics of traditional, command and market systems.
D. Explain the importance of expansion and contraction on individual businesses (e.g., gourmet food shops, auto repair shops, ski resorts).
B. Explain the three basic questions that all economic systems attempt to answer.
C. Define measures of economic activity and relate them to the health of the economy.
C. Define measures of economic activity and relate them to the health of the economy.