2.  Economics is defined as the study of how goods and services are produced and distributed.  There are usually not enough essentials or luxuries to satisfy all the needs and wants of a whole society.  This leads to the economic principle of scarcity, by which decisions about production and distribution are based either on traditional factors, market forces, or government decree.

4.  An economic system in which decisions are made on the basis of customs, beliefs, religion, habit, and so on.  In traditional societies, scarce goods are often shared evenly, or else on the basis of age and gender.

5.  An economic system in which individual producers own and determine the production, distribution, and consumption of goods and services.  In market economies, products and services generally go to those who can afford to pay for them.

6.  An economic system in which the government owns and controls all facets of the economy.  Command economies usually satisfy the needs and wants of an elite class which controls the government and decision making.

7.  : An economic system that uses aspects of more than one of the three basic types of economic systems (subsistence, command, and market).

8.  what goods are produced?  how they are produced?  for whom they are produced?  by whom they are produced?  and how they are distributed?