Explain Why the Terms Market,capitalist,or Socialist Economies Are No Longer

question 23

Essay

Explain why the terms market,capitalist,or socialist economies are no longer appropriate to differentiate between today's economic systems.

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Definitions:

Psychological

Pertaining to the mind or mental processes, often involving the study of behavior and the underlying mental functions.

Social

Relating to society or its organization.

Cultural

Pertaining to the ideas, customs, and social behaviors of a society or group of people.

Economic

Pertaining to the production, distribution, and consumption of goods and services, and the management of money and resources.