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Economic Systems Guided Reading Activity Review Questions Directions: Read each main idea and answer the questions below. resources economic system price system goods and services traditional economy command economy mixed economy circular flow of economic activity market market Introduction An economic system is a way of determining how to use 1 _____ to satisfy people’s wants and needs. This choice involves trade-offs. Who gets the goods and services that E CONOMIC SYSTEMS AND THE AMERICAN ECONOMY The various types of economic systems answer the four basic economic questions in different ways. 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Economic Systems- Chapter #2 Answer Key What are the 3 key economic … This choice involves trade‐offs. What Do Economists Do? Content Vocabulary • economic system (p. 33) • market (p. 37) • traditional economy • … Economic Growth—Why is economic growth needed as a population grows? I. ECONOMICS - Guided Reading and Study Guide - Free ebook download as PDF File (.pdf), Text File (.txt) or read book online for free. Explain the difference between a want and a need. ANSWER KEY Chapter 1 Chapter 1–1 II.D. The key questions answered by all economic systems are: What and how much is to be produced? • Economic Freedom • Economic Efficiency • Economic Equity (or Fairness) • Economic Growth • Economic Security • Economic Stability • Environmental Sustainability . 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