Chapter 2: Economic Systems and the American Economy

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Economic Systems and the American Economy. Economic Systems and the American Economy 31 Terms to Know • economic system • traditional economy • command economy • market economy ... in a command economy, you would be paid according to what the central planners decide, and you might even lose your abil-

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Chapter 2: Economic Systems and the American Economy Chapter 2: Economic Systems and the American Economy
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Countries like China and Russia, while they are closer to having a market-oriented system now than several decades ago, remain closer to the command economy end of the spectrum. In countries like Cuba, Libya, and North Korea, the command economy predominates.

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