12. what is An economic system in which societies economic decisions are made by a small group of individuals, in control, whc decide what to produce, and what to buy.

System: An economy in which most of the economic decisions that are made are based

on custom and on the habit of how such decisions were made in the past

System: Government planning groups make the basic economic decisions such as

which goods and services to produce, prices, and wage rates

System: An economy in which changes in prices guide what and how goods and

services will be produced, distributed, and consumed

System: An economic system in which decisions are all made on the basis of customs,

beliefs, religion, and habits

System: Sometimes called Free Enterprise which allows for private ownership of

businesses and property

System: The customs and habits of the past are used to decide what and how goods

will be, distributed, and consumed. Within this system, each member of society

knows in early life what her or his role will be because jobs are handed down

from generation to generation.

System: The government owns the means of production

System: An economic system that permits an open exchange of goods and services

between producers and consumers

System: An economic system based on individual choices and voluntary trade

System: An economic system in which social roles and culture determine how goods

are made, sold, and bought

System: An economic system in which the government decides what goods will be

produced, how they will be produced, and how they will be distributed

System: An economic system in which societies economic decisions are made by

individuals who decide what to produce, and what to buy

Explanation: