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Economic Systems

TermDefinition
Traditional In this type of economic system decisions are based on customs and beliefs. Many times people have bartered to get their desired goods
Command In this type of economic system the government controls all the economic decisions. Communist nations tend to have this type of economic system.
Market In this type of economic system private businesses and consumers make all the economic decisions. Supply and demand also determines what good will is produced.
Mixed In this type of economic system government and private businesses control the economic decisions. Democratic nations have this type of system.
Producer The people who make a good
Consumer the people who buy goods
Services and Products the goods people buy. these goods may be tangible or intangible
Created by: ZipPuppy12
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