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economy the social science that deals with the production, distribution and consumption of goods and services
Bartering Exchanging one good or service for another
Traditional economy based on beliefs and values; usually involves bartering rather than the exchange of currency
Command An economic system in which the central government makes all economic decisions
Socialism Economic system in which most businesses are owned and run by the government
Communism Economic, social and political system based on the teachings of Karl Marx
Capitalism Economic system in which private owners control the production of goods and profit (free enterprise, market economy)
Market An economic system based on free trade and competition (free enterprise, capitalism)
Supply How much people have or How much is available
Demand What or how much people want
Mixed An economic system that has a combination of government and privately owned businesses Most countries have mixed economies like the U.S.!
Trade Barriers Obstacles to trade between countries They make trade difficult
tradicitonal costom market tradictonal
command the government makes the rules in the economy
market the indivisuals make the laws
mixed a little command gouvernment and a little maret economy
Created by: 200369341