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Europe Economics Voc

Eurpoe Economics Voc

TermDefinition
Traditional economy: An economy in witch customs and habits of the past decided what and how goods and services are produced, distributed, and consumed.
Command economy: An economy in witch centralized planning groups decided what and how goods and services will be produced distributed and consumed.
Mixed economy: An economy that blends characteristic of both command and market economies but falls closer to one form and the other.
Market economy: An economy in witch changes of price guide what and how goods and services will be produced distributed and consumed.
Sacarity: limited supply of something.
supply: limited supply of something.
demand How many people want goods
Created by: diamondjones
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