how society uses resources to satisfy people's wants

All of the following are characteristics of Capitalism except...

system having private ownership of factors of production; says producers will create products consumers demand

Who controls the economy in a command economy?

people concentrate their efforts in the activities they do best.

Who controls the economy in a market economy?

An economic theory where the means of production (factories and industries) are owned and controlled by the state (Government).

What sets the price in a market economy?

driven by choices of consumers and producers. Capitalism is another name for this.

Who/what sets the price in a command economy?

government makes economic decisions. Government owns means of production: resources and factories.

centers on families, clans, or tribes; decisions are based on customs and beliefs.

has elements of traditional, command, market systems. Most common type of economic system.