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Types of Econmic S

Types of Econmic Systems

TermDefinition
Traditional In this type of economic system decisions are based on customs and beliefs. Many times people may also barter for desired goods.
Command UN this type of economic system the goverment controls all the economic decisions. Communist nations tend to have this type of econmic system.
Market In this type of econmic system private businesses and consumers make all the ecomics decisions.Supply and demand also determines what good will is produced.
Mixed Market In this type of econmic system goverment and private busincesses control the econmic decisions. Democratic nations have this type of goverment.
Producer The people who make a good.
Consumer The people who buy goods.
Products and Services The goods people buy. Thses goods may be tangible or intangible.
Created by: MEOW ;P
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