What is an Economy - the way goods and services are made, sold and used in a country. , Economic Resources - are the inputs that are used to create goods and services (FOP) , Economic System - is the method that Countries use to distribute economic resources and trade goods and services., Public Sector - part of the economy that is owned and controlled by the Government. , Private Sector - refers to businesses owned by private individuals that produce and sell goods and services with the aim of making a profit., Centrally Planned Economy - is one where the Government has a lot of control over economic decisions and resources., Free Market Economy Capitalist - is an economy where private individuals control resources, own businesses and make all the decisions about what goods and services will be produced. Prices ar decided by demand., Mixed Economy - one that combines both elements of free market and centrally planned. It involves sharing of resources between Government and private individuals. , Circular flow of Income - shows how economic resources and wealth move through the economy showing how individuals, organisations and Governments work together to distribute the economic resources used to produce goods and services. ,

Economic Systems

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