Level 21
Level 22

Types of Economic Systems


10 words 0 ignored

Ready to learn       Ready to review

Ignore words

Check the boxes below to ignore/unignore words, then click save at the bottom. Ignored words will never appear in any learning session.

All None

Ignore?
Economics
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.
Demand
Demand
supply
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
Capitalism
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