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Types of Economy

7th Grade Social Studies Types of Econ

TermDefinition
Command Economy Gov makes all the economic decisions (production, price, etc)
Market Economy Producers and consumers make the decisions Decisions are based on supply and demand
Traditional Economy Economy based on historical practice
Mixed Economy Some decisions are made by the Gov, while other decisions are made by producers and consumers
Human Capital Value of the skills a person possesses -- the more skills, the higher rank you are
Voluntary Trade Trade between buyers and sellers with restriction (EX: Flea Markets) Based on decisions
Industrialization Development of manufacturing in a country These Econ. s are usually much stronger
International Trade Trade between countries Countries trade specific items like natural resources
Created by: mlehner
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