Question

Write down the key terms that match the following definitions.

______: A system where the government tells producers what and how to

______: An economic system run by the government.

_____: A system aimed at equality of wealth among its members.

______: An idea about how something should be organized.

______: The lowest hourly wage that can legally be paid to an employee.

______: A system that follows both free-market and command principles.

Answer 1

The following are the key terms matching their definitions:

Command Economy: A system where the government tells producers what and how to .

Planned Economy: An economic system run by the government.

Socialist Regime: A system aimed at equality of wealth among its members.

Theory: An idea about how something should be organized.

Minimum Wage: The lowest hourly wage that can legally be paid to an employee.

Mixed Economy: A system that follows both free-market and command principles.