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Economic Systems

Classifying Economic systems

TermDefinition
Command Economy all economic decisions are taken by central authorities. Usually socialist/ communist. Land and capital centrally owned
Centrally planned Economy Another name for Command Economy
Free-market economy Economic decisions are taken by individual households or firms with no government intervention
Mixed economy Economic decisions made partly by government and partly through the market. In practice all economies are mixed
input-output analysis Divides economy into sectors. Each sector is a user of inputs and supplier of outputs to other sectors.examines how these can be matched to available resources in economy.
Price Mechanism In a Market economy. Changes in price due to supply & demand changes= makes demand equal to supply
Equilibrium price Price where quantity demanded=quantity supplied. NO shortage or surplus.
Equilibrium Position of balance. no inherent tendency to move from this position.
Mixed market economy Market economoy with some government intervention
relative price Price of one good compared with another (Good X is twice the price of good Y)
Created by: Suzanne98
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