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Economic system organized way in which a country handles its economic decisions and solves its economic problems
Traditional economic system produce only what they must have in order to exist; all economic decisions are based on habit and traditions
Command economic system production and distribution are owned and controlled by the government
Communism controls and does not allow private ownership of the means of production and distribution
Socialism basic means of production and allows private ownership of businesses
Market economic system determined supply, demand and prices of goods and services, that are determined in a free price system
Private enterpise the means of production the human, natural resources and capital goods used to produce goods and serivices
Created by: Zakiawatkins