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Economics

Economic Systems

TermDefinition
Traditional Economy Decisions based on custom or habit; production for daily use; no need for money. No government. No technology.
Command Economy What, how, and for whom to produce products are controlled by the government.
Market Economy Decisions are based on supply and demand, or individuals people. People can have their own businesses. No government control.
Mixed Economy Government controls some aspects and the market or individuals control other aspects.
Standard of Living the level of wealth, comfort, material goods and necessities available to live. (the type of life you have).
Gross Domestic Product (GDP) GDP represents the total dollar value of all goods and services produced over a specific time period. (gauges the health of a country's economy)
Created by: summerourss7
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