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Economics 02

Economics lesson 3 to 4

TermDefinition
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
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