Level 21
Level 22

Types of Economic Systems

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studies how society chooses to use resources to produce and distribute goods and services for people's consumption
Market Economy
allows buyers and sellers acting in their individual interest to determine what, how, and for whom goods and services are produced.
the amount of a product offered for sale at a given price
equilibrium price
the price at which the amount supplied and the amount demanded meet
Greater concentraion of exploitation on workers (proletariat) - porperty-less wage laborers.
command economy
a central authority makes the key economic decisions
strong command
communism, the state makes all the economic decisions
moderate command
socialism, there is some form of private enterprise
mixed economy
a combination of a market and command economy
Level 23