Economic System - The method or way goods and services are produced and consumed within a country, Producer - Something that makes or creates something else, Consumer - Something that uses something else for themselves, Good - A physical product that can be bought from a store or person, usually with money, Service - When someone who provides you with something or helps you accomplish a task, then you pay them, Traditional Economy - People decide what to produce & consume based on cultural practices or family needs, Command Economy - The government controls all economic decisions for the country, Free-Market Economy - Businesses produce goods based on the demand of the consumer, without government regulations, Mixed Economy - When 2 or more systems are combined: businesses compete for consumer dollars while obeying government regulations,

Economic Systems & Terms

by
Print
Embed

Leaderboard

Visual style

Options

Switch template

Continue editing: ?