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Economics 02
Economics lesson 3 to 4
| Term | Definition |
|---|---|
| economy | people and firms produce, exchange and consume goods and services in it. |
| economic system | How an economy decides what goods and services to produce, how to produce them and who to produce them for |
| free market economic system | -all decisions are taken by private sector organizations and individuals -no role for government or a public sector and therefore no taxes or public spending. (Laissez Faire=let it be) |
| central planned economic system | -in a planned economy most decisions are taken by public sector organizations. these are organizations owned, controlled and accountable to the government -few private sector businesses in planned economies -very little consumer choice. |
| mixed economic system | -in reality there are no totally free market or planned economies. all economies are mixed to some degree. -ownership of scarce resources and decisions about how to use them are split between the private sector and a public sector |
| wealth | total market value of all physical and intangible assets owned, then subtacting all debts |
Created by:
Andromeda Annabeth Chase
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